Business, Management and Accounting
7 years ago

Korean tourism industry prices set to plummet with new demand estimates.

Journal of Tourism Management Research
Empirical analysis on the estimation for the long-run demand function in the Korean tourism service industry
Sukjung Cheong, Joo-hoon Kang

Paper Summary

Related papers

Economics, Econometrics and Finance
8 years ago

Economic data reveals how prices and income impact consumer demand!

Economic Institutions
Monetary Models
2 views
Theme background image
Energy
4 years ago

China's Gasoline Demand Highly Sensitive to Price and Income Changes

Rebound Effect
Environmental Impact
Economic Analysis
1 view
Theme background image
Energy
4 years ago

Consumers strategically delay gasoline purchases, impacting market dynamics significantly.

Rebound Effect
Discrete Choice
Climate Policies
1 view

The study analyzed the long-term demand for tourism services in Korea by looking at price, income, and exchange rate effects. The price elasticity of demand for retail, food, lodging, and transport, communication services was found to be -2.254 and -1.435, respectively. Income elasticity was estimated at 0.907 and 0.606 for the same industries. Exchange rate elasticity was 0.495 for retail, food, lodging, and 0.534 for transport, communication. The study concluded that factors like Producer Price Index, real GDP, and exchange rates significantly influence long-term demand in the Korean tourism industry from 1975 to 2016.