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Estimating the Economic Impact of Oriental Medicine Festival: The Case of the 2011 Jecheon Oriental Medicine Bio Expo
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한방의료 축제의 경제적 파급효과 분석 : 2011 제천한방바이오박람회를 중심으로

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Type
Academic journal
Author
Journal
Korean Hospitality and Tourism Academe Korean Journal of Hospitality & Tourism Vol.22 No.3 KCI Accredited Journals
Published
2013.6
Pages
221 - 233 (13page)

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Estimating the Economic Impact of Oriental Medicine Festival: The Case of the 2011 Jecheon Oriental Medicine Bio Expo
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Oriental Medicine festival not only promotes indigenous culture of Oriental Medicine, but also offers an opportunity to provide economic development for a festival region. In this respect, this study estimated the economic impact of the 2011 Jecheon Oriental Medicine Bio Expo on the economy of Jecheon and other regions. Inter-Regional Input-Output(IRIO) model, one of the regional Input-Output models, was employed to derive multipliers of Oriental Medicine and tourism in terms of output, income, value-added, and employment. Also, this study conducted a survey for the visitors of the 2011 Jecheon Oriental Medicine Bio Expo in order to estimate expenditures on tourism and medicine. The results indicate that per capita expenditure of the 2011 Jecheon Oriental Medicine Bio Expo was estimated to be 78,111 Korean Won and total expenditures were estimated to be approximately 14 billion Korean Won when considering total visitors to the Expo. The results of IRIO indicate that in 2011, the festival visitors of Jecheon generated approximately 24 billion Won of output impact(Jecheon region: 17 billion Won, Other regions: 7 billion Won), 5 billion Won of income impact (Jecheon region: 4 billion Won, Other regions: 1 billion Won), 12 billion Won of value-added impact (Jecheon region: 9 billion Won, Other regions: 3 billion Won), and 838 full-time jobs including non-paid jobs (Jecheon region: 452 jobs, Other regions: 386 jobs) throughout direct and indirect effects.

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UCI(KEPA) : I410-ECN-0101-2015-320-002767813