“Leisure Market to Be 40 Trillion Won in 2010“

It is prospected that domestic leisure market will grow rapidly to the scale of 40 trillion won by 2010 if the five work day system is introduced.

Korea Leisure Industry Consulting (www.kolec.co.kr), in the report titled ` The Prospect for the growth of leisure market according to the five-day workweek system` anticipated that domestic leisure market will be 19.5 trillion won, 30.9 percent increase in 2002, when 5-day workweek system is firstly implemented. The leisure market was 14.9 trillion won last year. And it will continue to grow to △ 24.3 trillion won in 2004 △ 29.1 trillion won in 2006 △ 34.5 trillion won in 2008 △ 40.4 trillion won in 2010.

This result was estimated on the basis of the increased rate of consumption on leisure in the household spending and the increasing leisure time by the introduction of the five work day system.

And KOLEC estimated that the ratio of leisure expenditure to the gross domestic product (GDP) would rise to 4.94 percent in 2010 from 2.88 percent last year, and annual spending on leisure per capita would increase up to 815.000 won in 2010 from 317.000 won last year.

Jae-Seong Hwang jsonhng@donga.com