South Korea’s tourism and retail sectors face repercussions from the escalating political turmoil, with major economies issuing heightened alerts for travelers following President Yoon Suk Yeol’s short-lived martial law declaration last week.

Starting Wednesday, several countries, including the US, the UK, Japan and Australia, have announced travel alerts, advising their citizens to avoid crowded areas and remain vigilant while staying in Korea.

The seemingly heightened concerns contrast the political unrest in 2016 when former President Park Geun-hye was impeached after months of large-scale protests in central Seoul.

“Even in 2016, K-pop and Korean dramas were gaining global attention, but the nation’s cultural impact was limited. But now Korea is recognized as one of the global cultural hubs and its challenges draw greater attention whether it be on politics or other societal issues,” said Lee Hong-joo, a consumer economics professor at Sookmyung Women's University. "Extreme measures like martial law risk harming the country’s global image, with significant implications for tourism and consumer confidence."

The nation's travel and retail sectors, already grappling with the effects of unfavorable exchange rates and a slowdown in Chinese tourists, are feeling a greater strain from the martial law declaration and political unrest.

Retailers for beauty and fashion products say there has been no drastic decline in sales yet, but they are closely monitoring the situation.

“The rapid growth in foreign Millennial and Generation Z tourists in recent years has led us to invest heavily in foreigner-friendly retail infrastructure," an official from a major retail store here said. "While there is no clear evidence of reduced sales yet, this incident has everyone on edge.”

An official from a global hotel chain in Seoul reported that many foreign guests requested booking cancellations and transportation arrangements following Tuesday evening's martial law decree.

"December is the peak season for global corporate workshops and year-end gatherings in Seoul. However, the current instability is expected to have a significant impact on our revenue this year,” the official added.

Amid the prolonged uncertainty, stocks of local airlines and travel agencies suffered steep falls last week. Korean Air, the nation’s largest flag carrier, and Hana Tour, the No. 1 travel agency, saw more than 5 percent declines in their share prices over the past three days alone.

High exchange rates are also deepening the industrial concerns. The Korean won surpassed 1,440 against the US dollar right after the martial law declaration, marking its highest level since the 2009 financial crisis. On Friday, the won-dollar rate closed at 1,410 after intraday fluctuations.