Do expectations of future wealth increase outbound tourism? Evidence from Korea

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• 作者：Hong-bumm Kim^a ; ¹ ; ^{kimhb@sejong.ac.kr} ; Jung-Ho Park^b ; ² ; ^{jhopark@ymail.com} ; Seul Ki Lee^c ; ³ ; ^{lee119@purdue.edu} ; SooCheong (Shawn) Jang^c ; ^{jang12@purdue.edu}
• 关键词：Wealth effect ; Tourism demand modeling ; Consumption theory ; Permanent income hypothesis ; Life cycle hypothesis
• 刊名：Tourism Management
• 出版年：2012
• 期刊代码：83_02615177
• 类别：bus
• 出版时间：October, 2012
• 卷：33
• 期：5
• 页码：1141-1147
• 文件大小：268 K

摘要

As international tourism is generally considered a luxury good, models to date have shared an understanding that demand is dependent on discretionary income. However, consumption theories predict that a shift in demand can be induced without changes in actual earnings when expectations for future income are adjusted. This presumes demand for international tourism can be influenced by 鈥渨ealth effects鈥?from real estate and financial assets. This study tested for the wealth effect on Korean outbound travelers during the 20 years between 1989 and 2009. Korea is a unique place to examine in that Korean households possess housing assets and financial assets that are traded actively in markets. The results of this study favored the possibility of a significant wealth effect from housing on outbound travel demand, but not from financial assets. This may be explained by data sensitivity and the relative importance of financial assets in the Korean people's wealth portfolios. Implications and suggestions for future research are provided along with the findings of the study.