earticle

영어

This study aims to evaluate the economic impact of Hwacheon Sancheoneo Ice Festival and investigates the factors which influence customers' Willingness to Pay (WTP). To achieve this study's aim, the Contingent Valuation Method (CVM) and double bound dichotomous choice (DBDC) were employed. The participants in the survey were 227 domestic visitors and 205 international visitors at the festival. In previous literature, only domestic participants were surveyed, but in this study expands the sample was expanded to include international participants. The determinants of WTP are gender, age, income, willing to revisit, extra fee(s), and festival satisfaction. The positive impacts were found in gender and age for domestic visitors and gender only for international visitors. To evaluate the economic impact, the participants' WTP per individual was 18,458 won (domestic) and 10,961 won (international). The WTP increases the economic impact to 26,762,900,230 won for doemstic visitors. The estimated impacts are consistent to the previous studies and suggests that the festivals value is augmented as time goes by.