Effects of Socioeconomic Factors on Tourist Demand and Consumer Surplus

In this paper, we analyze the effect of socioeconomic characteristics on the Korean tourist demand and estimate the consumer surplus. The Poisson regression model is often used for a dependent variable with the count variable. However, the number of trips is greater than zero, so this paper applies the truncated Poisson regression model to estimate the tourist demand considering the number of trips is greater than zero. Economic values on socioeconomic factors are then measured. The results show that the truncated Poisson model is more appropriate than the basic Poisson model. According to socioeconomic factors such as age difference, household members, marital status, gender differences, travelers have different economic value of tourism. The measurement of the consumer surplus for one trip by tourists is around $500. These results can be used for planning and decision-making related to the promotion of national tourist demand.



Author Information
Sukwan Jung, Changwon National University, South Korea

Paper Information
Conference: IICSEEHawaii2018
Stream: Health & Wellbeing

This paper is part of the IICSEEHawaii2018 Conference Proceedings (View)
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