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Lobin Co. published ‘Lodging Market Korea 2005-2022’

– Supply and Demand Dynamics across all types of loeging establishments in Korea

Lobin Co. published ‘Lodging Market Korea 2005-2022‘, comprehensively analyzing supply and demand dynamics in the lodging market of Korea. The report provides an in-depth analysis about supply and demand trends from 2005 to 2022 by statutory type of lodging establishments, including hotels, timeshares, general lodgings, residential lodgings, rural minbaks, urban minbaks and other lodgings.

Lobin Co. built a supply database by collecting and processing business registration and building ledger information across the country, and estimated demand for individual establishments through an algorithm developed in-house. Then, it has improved performance of the algorithm through continuous validation wtih various public statistics available. ‘Lodging Market Korea 2005-2022‘ is the first outcome from the ‘comprehensive lodging database’.

E.K. Ham, CEO of Lobin Co., outlined the purpose of the report by saying “as the boundaries between establishment types dim, different types of establishments are competing with each other more and more. As such, a comprehensive visibility into the lodging market is becoming more important than ever, while it is limited to hotels at the moment.”

Lovin Co. is planning to update the report in the early August with 2023 data, and publish 17 metro-market level reports in October. Also, it will open up the Member Dashboard in September for charge, providing data used in the report, while the preview without filters of year, region and establishment type, is currently available for free.

Lobin Co., pursuing to be the ‘lodging business intelligence platform’, was established in January 2023, upon teaming up of E.K. Ham and Harim Lee, CPO, when each of them was undergoing trial and error. E.K. Ham expressed confidence in teamwork by saying “more than anything else, we were pursuing similar values, but there was a clear difference in strengths and weaknesses of each. There was no doubt that we can be complementary with each other.”

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You can obtain a comprehensive view over the competitive environment of lodging markets in Korea.

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Data Source

  • GDP: GDP, Current $US (World Bank Open Data)
  • Establishments: Compendium of Tourism Statistics (UNWTO), Lodging Business Ledger (MOIS)
  • Rooms: Compendium of Tourism Statistics (UNWTO), Lodging Business Ledger (MOIS)
  • Lodging GDP: Value Added by Industry (BEA), National Accounts (Cabinet Office), GDP of Indonesia (BPS), GDP & GNI by Sector (BOK), Economic Census (KOSIS)
  • Period: 2017-2021

※ In Korea, general & residential accommodations are included while rural & urban minbaks are excluded. Comparable countries are selected based upon availability of lodging GDP statistics for all types of accommodations.

Data Source

  • Population: Population, Total (World Bank Open Data)
  • GDP: GDP, Current $US (World Bank Open Data)
  • Rooms: Compendium of Tourism Statistics (UNWTO), Lodging Business Ledger (MOIS)
  • Lodging GDP: Value Added by Industry (BEA), National Accounts (Cabinet Office), GDP of Indonesia (BPS), GDP & GNI by Sector (BOK), Economic Census (KOSIS)
  • Period: 2017-2021

※ In Korea, general & residential accommodations are included while rural & urban minbaks are excluded. Comparable countries are selected based upon availability of lodging GDP statistics for all types of accommodations.

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※ Messages intended for defamation or obstruction of business by Lobin Co. and /or other third parties, or containing content that is obscene, violent or unrelated to Lobin Co.’s business, will automatically be blocked by the system and not delivered to the administrator.

Data Source

  • Korea: Lodging Business Ledger (MOIS), Tourist Accommodation Ledger (MCST)
  • USA: Census Database (STR)
  • Period: As at the end of 2021

※ General & residential accommodations other than rural and urban minbaks asre included for Korea. Life cycle was calculated as of December 31, 2021 or actual closure date. If there exists a discrepancy between data sources for an establishment, the discrepancy was settled through an algorithm before use.

Data Source

  • Korea: Lodging Business Ledger (MOIS), Tourist Accommodation Ledger (MCST), Economic Census (KOSIS), Hotel Operating Statistics (KHA), DART (FSS), Trends Report (STR)
  • USA: Compendium of Tourism Statistics (UNWTO), Census Database (STR), Trends Report (STR)
  • Period: 2005-2021

※ General & residential accommodations other than rural and urban minbaks asre included for Korea. Visibility was calculated as the number of establishments for which revenue data is available divided by the total number of establishments. If there exists a discrepancy between data sources for an establishment, the discrepancy was settled through an algorithm before use.

Data Source

  • Guests(Korea): Domestic Traveler Survey (MCST), International Traveler Survey (MCST), Hotel Operating Statistics (KHA)
  • Rooms(Korea): Lodging Business Ledger (MOIS), Tourist Accommodation Ledger (MCST)
  • Guests(USA): Compendium of Tourism Statistics (UNWTO), Trends Report (STR)
  • Rooms(USA): Compendium of Tourism Statistics (UNWTO), Census Database (STR)
  • Period: 2005-2020

※ General & residential accommodations other than rural and urban minbaks asre included for Korea. If there exists a discrepancy between data sources for an establishment, the discrepancy was settled through an algorithm before use.