An Estimation of the Contribution of the International Meeting Industry to the Korean National Economy Based on Input—Output Analysis

Dae-Kwan Kim, Hak-Jun Kim, Sang-Min Lee, Yeongbae Choe and Soo-Yeop Song
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Dae-Kwan Kim: MICE Statistics and Information Center, Department of Convention Management, College of Hotel and Tourism Management, Kyung Hee University, 1 Hoegi-dong, Dongdaemun-gu, Seoul 130-701, Korea
Hak-Jun Kim: Department of Sport Management, Kyung Hee Cyber University, Seoul, Korea
Sang-Min Lee: Department of Convention and Hotel Management, College of Economics and Business Administration, Hannam University, 70 Hannam-ro, Daedeok-gu, Daejeon 306-791, Korea
Yeongbae Choe: National Laboratory for Tourism and eCommerce, Department of Tourism Recreation and Sport Management, University of Florida, Gainesville, FL, USA
Soo-Yeop Song: MICE Statistics and Information Center, College of Hotel and Tourism Management, Kyung Hee University, Seoul, Korea

Tourism Economics, 2015, vol. 21, issue 3, 649-667

Abstract: This paper presents the contribution of the international meeting industry to the Korean national economy. To obtain more accurate results, the study adopted three improvements over previous research: consideration of both supply and demand; direct expenditure surveys of participants and hosts; and re-categorization of related business sectors. The results of the input-output analysis showed that per capita expenditure for international and domestic participants was US$2,432.4 and US$459.3, respectively, and the per capita average budget was US$562.1. Based on these findings, the total contribution of the international meeting industry to the Korean economy exceeds US$1,343.2 million in output, US$236.6 million in personal income, US$589.3 million in value added, US$61.5 million in tax revenue and 16,336 full-time-equivalent jobs. These results provide two key implications, providing evidence of the importance of both the supply and demand sides and the relative importance of each sub-industry for increasing economic benefit.

Keywords: international meeting industry; input-output analysis; economic contribution; multiplier; Korea (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:21:y:2015:i:3:p:649-667

DOI: 10.5367/te.2013.0356

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