○ This year, Switzerland was the country with the highest satisfaction rate among overseas travelers, followed by Spain. Satisfaction rates for Asian countries, including Japan, experienced a significant increase, while those in the ‘dollar zone’ such as the United States, Hawaii, and Saipan, saw a notable decline. Overseas travel satisfaction is much higher than domestic travel, and it is expected that the concentration to the overseas travel market will be intensified after the endemic of COVID-19.

○ Switzerland (833 points) took the top spot in overall satisfaction by country, with Spain (810 points) following in 2nd place[Figure]. In 2018 and 2019 studies, before COVID, Switzerland maintained its position as 1st for two consecutive years, while Spain held 2nd place. Both destinations have consistently been highly satisfying for Korean travelers. Compared to 2019, Switzerland saw a decrease of 10 points while Spain experienced an increase of 10 points, yet the difference remained significant at 23 points.

○ Following them, Australia (799 points, 3rd place), Italy (778 points, 4th place), and New Zealand (775 points, 5th place) trailed behind. Japan climbed to 6th place with 767 points, marking an 18-step vertical rise compared to 2019. Following Japan, Portugal (764 points), Singapore (763 points), Indonesia (753 points), and Guam (752 points) made it to the top 10 in that order. By continent, Europe had 4 countries, while the South Pacific and Asia each had 3 countries represented in the top 10 destination.

○ The satisfaction with overseas travel destinations was significantly higher than domestic ones. The average satisfaction score for oversea travelers was 735 points, which was nearly on par with Busan (736 points), the top-ranking city among the 16 provinces in South Korea, and 40 points higher than the Korean average (695 points). It is no surprise that people prefer overseas travels, which offer much higher satisfaction even at the cost of more money and time.

○ The biggest increase in satisfaction was in Asia, particularly Japan which scored 767 points. This was Japan’s highest score since the study began, with a 92-point increase from 675 points in 2019, affected by the onset of the No-Japan movement. It also surpasses the pre-pandemic year of 2018 by 27 points, which stood at 740 points. This is largely due to the fading of "No-Japan" sentiment and cheaper local prices due to the impact of the weaker yen. Among other Asian countries, Indonesia and Thailand made significant gains in both ranking and score. However, China and other Southeast Asian countries (Cambodia, Hong Kong, Philippines, and Malaysia) remained at the bottom tier.

○ Hawaii (738 points), the United States (708 points), and Saipan (706 points) have shown significant drops of 61, 57, and 73 points, respectively, while Guam (752 points) also showed a slight decline. These places are all areas where the U.S. dollar is commonly used, where the traveling costs are significantly increased.

○ The reason for significant fluctuations in rankings and scores of mid-ranking countries, excluding top and bottom tiers, ultimately boils down to differences in ‘travel costs’ due to changes in prices and exchange rates. Considering the importance of the six factors that constitute the pleasantness of the travel environment (prices, transportation, cleanliness, convenience, safety, language), the importance of ‘prices’ increased significantly from 14% in 2019 to 19% in 2023. On the other hand, the importance of other factors either decreased or remained almost unchanged.

○ The other major factor contributing to cost increases is the rise in airfares. While this varies depending on the destination, North America saw a 42% increase from 2019 to 2023.

○ While the overall average decline wasn’t significant, satisfaction tended to be decreased in locations where travel expenses rose highly. Satisfaction notably declined in North America, where costs increased significantly, whereas Asia, where cost increases were relatively lower, generally experienced an uptick in satisfaction. It’s anticipated that the share of Asia in the overseas travel market will continue to grow.