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Do expectations of future wealth increase outbound tourism? Evidence from Korea
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 in...
Autores principales: | , , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Elsevier Ltd.
2012
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7115553/ https://www.ncbi.nlm.nih.gov/pubmed/32287737 http://dx.doi.org/10.1016/j.tourman.2011.11.017 |
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author | Kim, Hong-bumm Park, Jung-Ho Lee, Seul Ki Jang, SooCheong (Shawn) |
author_facet | Kim, Hong-bumm Park, Jung-Ho Lee, Seul Ki Jang, SooCheong (Shawn) |
author_sort | Kim, Hong-bumm |
collection | PubMed |
description | 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 “wealth effects” 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. |
format | Online Article Text |
id | pubmed-7115553 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2012 |
publisher | Elsevier Ltd. |
record_format | MEDLINE/PubMed |
spelling | pubmed-71155532020-04-02 Do expectations of future wealth increase outbound tourism? Evidence from Korea Kim, Hong-bumm Park, Jung-Ho Lee, Seul Ki Jang, SooCheong (Shawn) Tour Manag Article 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 “wealth effects” 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. Elsevier Ltd. 2012-10 2012-01-04 /pmc/articles/PMC7115553/ /pubmed/32287737 http://dx.doi.org/10.1016/j.tourman.2011.11.017 Text en Copyright © 2011 Elsevier Ltd. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active. |
spellingShingle | Article Kim, Hong-bumm Park, Jung-Ho Lee, Seul Ki Jang, SooCheong (Shawn) Do expectations of future wealth increase outbound tourism? Evidence from Korea |
title | Do expectations of future wealth increase outbound tourism? Evidence from Korea |
title_full | Do expectations of future wealth increase outbound tourism? Evidence from Korea |
title_fullStr | Do expectations of future wealth increase outbound tourism? Evidence from Korea |
title_full_unstemmed | Do expectations of future wealth increase outbound tourism? Evidence from Korea |
title_short | Do expectations of future wealth increase outbound tourism? Evidence from Korea |
title_sort | do expectations of future wealth increase outbound tourism? evidence from korea |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7115553/ https://www.ncbi.nlm.nih.gov/pubmed/32287737 http://dx.doi.org/10.1016/j.tourman.2011.11.017 |
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