Question 1

During the 2024 Chuseok holiday, the South Korean government implemented measures to boost private spending. Which of the following was a key strategy employed to counteract sluggish consumer spending?

Accepted Answer

Waiving highway tolls and offering discounted KTX/SRT tickets.

Question 2

In 2024, South Korea's tourism industry experienced a significant boom. What was the primary reason for foreign tourists' spending, accounting for 37.8% of their total expenditure?

Accepted Answer

Shopping for Korean beauty products, fashion, and merchandise

Question 3

A survey on '2025 Chuseok Spending Plan' revealed a significant increase in average total spending compared to the previous year, attributed partly to inflation. What was the average total spending budget for Chuseok in 2025?

Accepted Answer

712,300 Korean won

Question 4

While Black Friday is not an official holiday in South Korea, it has gained popularity. How is Black Friday primarily observed in South Korea compared to the United States?

Accepted Answer

It is predominantly driven by online sales, unlike the U.S. focus on physical stores.

Question 5

In 2024, South Korea's tourism sector saw a substantial increase in economic contribution. What was the projected contribution of the Travel & Tourism sector to South Korea's national economy in 2024?

Accepted Answer

₩96.2 trillion

Question 6

The 'Korea Grand Sale' is an annual event aimed at boosting tourism and spending. In the 2024 event, which ran from January to February, a record number of businesses participated, and what was the stated goal regarding foreign tourist numbers for the year?

Accepted Answer

To nearly double foreign tourists to 20 million.

Question 7

Despite a surge in inbound tourism in 2024, South Korea's travel deficit is expected to widen. What is a significant factor contributing to this widening deficit?

Accepted Answer

The number of outbound Korean travelers considerably outnumbering inbound tourists.

Question 8

The strengthening U.S. dollar against the Korean won in late 2025 has impacted South Korean shoppers' interest in U.S. Black Friday deals. What is a primary consequence of this currency fluctuation?

Accepted Answer

The price advantage of U.S. deals is often nullified by shipping fees and customs charges.

Question 9

In 2024, K-culture significantly influenced interest in visiting South Korea. According to an Airbnb report, what percentage of surveyed travelers cited K-culture as a core reason for their visit?

Accepted Answer

75%

Question 10

The South Korean government has been actively promoting domestic consumption. Which of the following was a measure implemented to boost consumer activity during the Korea Grand Festival in late 2025?

Accepted Answer

A 25% discount on digital gift certificates and promotions in retail and food sectors.

South Korea's Holiday Economy: Navigating Chuseok Spending & Black Friday Trends Amidst Shifting Market Dynamics

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