The analysis showed that flights to Jeju are cheapest when departing on Tuesday through Thursday evenings. Monthly, the cheapest times are from December to March, July, and September.
According to the Bank of Korea on the 21st, Jo Gang-cheol, Vice Administrator of the price trends team, introduced this information in a recent article for the internal newsletter 'Bank of Korea News' on the topic of 'When are flights to Jeju the cheapest?'
Vice Administrator Jo noted, 'Consumers who purchase Tuesday tickets can travel to Jeju on weekdays, allowing them more time than those who buy Saturday tickets.' He added that 'it is likely that they will respond more sensitively to ticket prices rather than the departure days.' He further explained, 'Naturally, the price of Tuesday tickets becomes cheaper than that of Saturday tickets.'
Vice Administrator Jo also conveyed that 'in terms of days, flights departing to Jeju from Tuesday to Thursday during the week, and in terms of time, late afternoon and evening flights have higher price elasticity of demand, making their prices cheaper.'
Vice Administrator Jo further analyzed that flight prices are cheaper from December to March, July, and September. This is because there are not many tourists traveling during this period, leading to higher price elasticity of demand. In 2023, the months with the most tourists were October, May, August, April, and June, in that order, with relatively fewer visitors in the remaining months.
In conclusion, Vice Administrator Jo stated, 'Buying simply cheap tickets does not necessarily lower overall expenses.' He added, 'If you purchase tickets for flights departing in the evening, there could be additional accommodation expenses.'