An Analysis of Key Macroeconomic Factors Driving Chinese Tourism Demand for South Korea
DOI:
https://doi.org/10.54097/phth2322Keywords:
China-South Korea tourism, Random effects model, Tourism demandAbstract
This study employs a random effects model to examine the macroeconomic factors that shape Chinese tourism demand for South Korea. Key drivers identified include per capita income, exchange rates, and the consumer price index (CPI). As Chinese incomes rise, there is a notable shift towards more premium travel destinations, which may result in decreased demand for South Korea. Exchange rate fluctuations, though significant, have not meaningfully stimulated tourism, potentially due to non-economic factors such as geopolitical tensions. In contrast, rising CPI in South Korea has not negatively impacted its appeal, indicating that other elements, such as cultural attractions and service quality, may offset price increases. Additionally, trade volume between China and South Korea contributes to shaping demand, highlighting the complex interplay between economic activity and tourism. These findings offer valuable insights for policymakers seeking to strengthen the China-South Korea tourism market by addressing income distribution, exchange rate stability, and enhancing non-price factors in tourism promotion strategies.
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