Latest news with #SeollalNewYear
Asia News Network
6 days ago
- Business
- Asia News Network
Possible 10-day October break in South Korea fuels record travel rush, divides opinion on economic benefits
August 13, 2025 SEOUL – A rare alignment of three national holidays, including the Chuseok autumn harvest festival, could give South Koreans a rare 10-day stretch off in October, if the government designates Friday, Oct. 10, as a temporary public holiday. The possibility has already sent overseas travel bookings and airfares soaring, even as business groups and policymakers warn that such a move may drain money out of the local economy rather than boost it. The government has not taken any official position on adding the extra day off. Still, travel demand has surged in anticipation. In October, there is already a seven-day holiday from Oct. 3, starting with National Foundation Day, followed by the Chuseok holiday from Oct. 4 to 7, a substitute holiday on Oct. 8, and Hangeul Day on Oct 9. If Oct. 10 is included, the weekend of Oct. 11–12 would extend the break to 10 days, making it South Korea's longest public holiday since 2017. According to a local travel agency Kyowon Your Travel Easy, overseas bookings for Oct. 3–9 are up 28.7 percent compared with the Chuseok period in September last year. The agency said popular destinations include Japan, Vietnam, Taiwan and other Southeast Asian countries. Airlines are responding with large-scale capacity increases. Jeju Air plans 234 additional international flights, adding more than 42,000 seats, while Jin Air, T'way Air, Eastar Jet and Air Busan are also expanding routes, particularly to Japan and Southeast Asia. Flight prices have climbed sharply. Skyscanner data show round-trip tickets from Seoul to Da Nang, Vietnam, which could once be found earlier in the year for around 200,000 won ($140), now range from 600,000 won to 1.2 million won ($430–$860). Direct flights to New York are selling for around 3 million won ($2,160). Domestic tourism is also feeling the effect. Local media reports hotel bookings in Jeju and other major destinations are already over 90 percent for the holiday week. Incheon International Airport Corp. said on Aug. 6 it expects international passenger numbers during the early October holiday period to surpass the current record of 2.14 million set during this year's Seollal New Year holiday. Economic data from earlier this year is feeding doubts about the plan. During the Seollal New Year holiday in January 2025, when an extra day off created a six-day break, outbound travel rose to 2.97 million people, up 7.3 percent from 2024. Statistics Korea's Nowcast data shows domestic credit card spending during the January break fell 34 percent compared with the previous week. The National Assembly Research Service reported in June that recent temporary public holidays have shown limited benefits for domestic demand while cutting production and exports. There are also equity concerns. Businesses with fewer than five employees, which employ about 35 percent of South Korea's workforce, are not required by law to grant temporary public holidays. Schools could also face schedule disruptions, as many plan midterm exams shortly after Chuseok.
Korea Herald
7 days ago
- Business
- Korea Herald
Possible 10-day October break in Korea fuels record travel rush, divides opinion on economic benefits
A rare alignment of three national holidays, including the Chuseok autumn harvest festival, could give South Koreans a rare 10-day stretch off in October, if the government designates Friday, Oct. 10, as a temporary public holiday. The possibility has already sent overseas travel bookings and airfares soaring, even as business groups and policymakers warn that such a move may drain money out of the local economy rather than boost it. The government has not taken any official position on adding the extra day off. Still, travel demand has surged in anticipation. In October, there is already a seven-day holiday from Oct. 3, starting with National Foundation Day, followed by the Chuseok holiday from Oct. 4 to 7, a substitute holiday on Oct. 8, and Hangeul Day on Oct 9. If Oct. 10 is included, the weekend of Oct. 11–12 would extend the break to 10 days, making it South Korea's longest public holiday since 2017. According to a local travel agency Kyowon Your Travel Easy, overseas bookings for Oct. 3–9 are up 28.7 percent compared with the Chuseok period in September last year. The agency said popular destinations include Japan, Vietnam, Taiwan and other Southeast Asian countries. Airlines are responding with large-scale capacity increases. Jeju Air plans 234 additional international flights, adding more than 42,000 seats, while Jin Air, T'way Air, Eastar Jet and Air Busan are also expanding routes, particularly to Japan and Southeast Asia. Flight prices have climbed sharply. Skyscanner data show round-trip tickets from Seoul to Da Nang, Vietnam, which could once be found earlier in the year for around 200,000 won ($140), now range from 600,000 won to 1.2 million won ($430–$860). Direct flights to New York are selling for around 3 million won ($2,160). Domestic tourism is also feeling the effect. Local media reports hotel bookings in Jeju and other major destinations are already over 90 percent for the holiday week. Incheon International Airport Corp. said on Aug. 6 it expects international passenger numbers during the early October holiday period to surpass the current record of 2.14 million set during this year's Seollal New Year holiday. Economic data from earlier this year is feeding doubts about the plan. During the Seollal New Year holiday in January 2025, when an extra day off created a six-day break, outbound travel rose to 2.97 million people, up 7.3 percent from 2024. Statistics Korea's Nowcast data shows domestic credit card spending during the January break fell 34 percent compared with the previous week. The National Assembly Research Service reported in June that recent temporary public holidays have shown limited benefits for domestic demand while cutting production and exports. There are also equity concerns. Businesses with fewer than five employees, which employ about 35 percent of South Korea's workforce, are not required by law to grant temporary public holidays. Schools could also face schedule disruptions, as many plan midterm exams shortly after Chuseok.
Korea Herald
15-06-2025
- Business
- Korea Herald
Korea's extra holidays fuel travel abroad, not local economy: National Assembly report
A recent National Assembly Research Service indicated that temporary public holidays are not boosting domestic spending; instead, they are resulting in increased overseas travel. Released Thursday, the report examined the impact of this year's extended Seollal New Year holiday in January, when the government added a temporary holiday on the 27th. That move created a six-day break, intended to encourage local consumption. Instead of spending more at home, nearly 3 million South Koreans went abroad, marking the highest monthly figure for outbound travel on record. According to NARS, the number of Korean overseas tourists in January rose 9.5 percent from December and 7.3 percent year-on-year. Credit card data showed a brief bump in domestic tourism-related spending on Jan. 27, with major issuers BC Card and Shinhan Card reporting a 60 percent jump in spending compared to the previous Monday. But overall domestic tourism spending in January fell by 7.4 percent from December and 1.8 percent year-on-year, according to the report. Export and production indicators also declined. Exports in January dropped 10.2 percent from the same month in 2024, while industrial output fell 1.6 percent month-on-month and 3.8 percent from the year before. Although these results stem from multiple economic factors, NARS noted that the reduced number of working days during the extended holiday likely contributed to the slowdown. These concerns are resurfacing now as public attention turns to the upcoming October holiday stretch. With national holidays already scheduled from Oct. 3-9, many are speculating whether the government will declare Friday, Oct. 10 a temporary public holiday, effectively creating a 10-day break. The Lee Jae-myung administration has not expressed any official position. The NARS report cast doubts on extended holidays leading to an increase in domestic spending, particularly as international travel becomes more accessible. Beyond the economic issue, the report raised the issue of the public not benefiting equally from temporary holidays. Providing sufficient rest periods for the public is another key reason for temporary holidays, as Korean workers logged 1,872 hours on average, which is about 130 hours more than the OECD average. But businesses with fewer than five workers are not subject to the legal clause that provides the basis for the temporary holidays, specifically Article 55 of the Labor Standards Act. This means an estimated 10 million workers nationwide employed at such businesses could be excluded from the benefits. The same clause mandates a substitute off-day for holidays that overlap with weekends or other public holidays, which is also not applied to the aforementioned smaller businesses. The NARS report recommended moving away from one-off holidays and toward broader reforms. Expanding substitute holiday coverage and shifting fixed-date holidays to weekday observance, as seen in countries like the US, could ensure more predictable and equitable rest for all workers. 'Rest should be a universal right,' the report said, 'not a privilege granted occasionally or unequally.'
