Korea's Rapid Growth in Shared Accommodation Market
Creatrip Team
a year ago
Korea's shared accommodation market, led by platforms like Airbnb, has expanded rapidly over the last three years, increasing by over 20 times. According to recent data, 1,284 individuals reported income from shared accommodation in 2023, a significant rise from just 127 in 2020. The total income skyrocketed from 2.11 billion won in 2020 to 46.328 billion won in 2023. The market is mostly driven by the younger generation in their 20s and 30s, who accounted for about 40.8% of the total income. One young participant typically earns an average of 44 million won annually. The low entry barriers and the ability to utilize platforms are cited as reasons for youth attraction to this market. However, concerns about illegal operations and tax evasion are rising as the market grows, prompting calls for strict monitoring and enforcement by authorities.
