Amid the mourning atmosphere at Muan Airport, condolences were sent to the families of the Jeju Air plane crash victims along with the worries of travelers. The heartbreaking incident has shaken people's confidence in the safety of Korean aviation, leading to an unprecedented wave of ticket cancellations.
Images of empty seats on flights and cancelled flights have become a harsh reality, reflecting the general panic and anxiety of society. This event not only causes serious economic damage to the aviation industry but also negatively impacts the Korean tourism industry, especially during the peak season at the end of the year.
The pain has not yet subsided, a wave of massive ticket cancellations has affected the aviation industry.
Concerns about safety are spreading on social media in South Korea, contributing to the cancellation of about 68,000 flight reservations by Jeju Air as of yesterday afternoon (December 30). Starting from the night of December 29, about 33,000 domestic flight reservations and 34,000 international flight reservations were canceled following the accident at Muan Airport. Jeju Air is applying a free cancellation policy for customers who purchased tickets from December 29 or earlier.
Of the 68,000 cancellations, about 33,000 were for domestic flights in Korea and about 35,000 were for international flights. Jeju Air closed its website booking page shortly after the incident.
Not only that, at the opening of the stock trading session on December 30, Jeju Air shares fell 15.7%, the lowest since the airline was listed in 2015. Currently, the decrease is only 8.4%. Shares of AK Holdings - Jeju Air's parent company - also fell 12%, the lowest in 16 years. Before the accident, Jeju Air was the most popular low-cost airline in Korea for many years. According to the National Customer Satisfaction Index (NCSI) of the Korea Productivity Center, 2023 is the 5th year that Jeju Air has ranked first since 2018.
This not only causes serious economic damage to the aviation industry but also shakes tourists' confidence, posing many challenges for the Korean tourism industry in the coming time.
According to Yonhap, the Korean tourism industry is facing an unprecedented challenge following the Muan Airport air disaster. Tourists' concerns about aviation safety are increasing significantly, seriously threatening the number of tourists and the industry's revenue. The mass cancellation of flights by tourists not only causes direct damage to airlines but also affects the entire tourism supply chain.
While the exact cause of the crash remains unknown, online forums are seeing a surge in posts from people expressing a newfound fear of flying. Son, a Seoul resident, commented: "I used to travel abroad every holiday season, but now I'm planning to avoid international trips during this time. Even for domestic travel, I'm considering taking the train instead of the plane."
Experts predict that the situation may become more complicated in the coming time if there are no timely remedial measures. To restore tourists' confidence, the Korean tourism industry needs to make strong efforts to ensure aviation safety, while implementing active tourism promotion programs and introducing policies to support businesses. Restoring the image of tourism after the tragedy is an urgent task, not only for the benefit of the tourism industry but also for the overall economic development of the country.
