— This paper estimates the determinants of Korean outbound tourism applying a gravity model to 53 destination countries over 9 years. The results show that the gravity model explains Korean tourism flows as effectively as it explains trade flows. Tourism flows respond strongly to the price differences between Korea and destination countries and the presence of direct flights shows a positive sign with statistical significance. When destination countries are divided into two groups, OECD and others, Korean tourists are less price-sensitive to trips to OECD countries than they are to other countries. The significance of the distance factor in Korean overseas tourism continues and has increased over the years.
— Korea, tourism, panel data regression, gravity model.
Young Seaon Park is with the Faculty of Economics, Chulalongkorn University, Thailand (e-mail: firstname.lastname@example.org).
Cite: Young Seaon Park, " Determinants of Korean Outbound Tourism," Journal of Economics, Business and Management vol. 4, no. 2, pp. 92-98, 2016.