Sports Powerhouse: Yeongcheon City Sees 10.3 Billion Won Boost in Local Economy from This Year’s Thrilling Competitions
Yeongcheon City Sees 10.3 Billion Won in Local Economic Ripple Effect Through Sports Competitions and Training Camps
Yeongcheon City expects that the ripple effect on the local economy through hosting sports competitions and attracting training teams this year will amount to approximately 10.3 billion won.
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Yeongcheon City, 10.3 billion won in local economic ripple effect through sports competitions and training camps this year (Yeongcheon City)
According to Yeongcheon City, with the goal of ‘revitalizing local commerce through the sports industry’, they focused on attracting local sports competitions, and by August, they had attracted 9 national and provincial competitions and 3 competitions with training camps, and around 30,000 athletes and officials visited the region, generating direct and indirect effects of up to 10.3 billion won.
As a criterion for analyzing the economic ripple effect, the total number of visitors during the event period was calculated, and then the direct effect was calculated through the average domestic travel expenditure per person per day (66,000 won in Gyeongbuk, Ministry of Culture, Sports and Tourism 2023 National Travel Survey Statistics, p. 197). Based on the direct effect, the indirect effect (enhancement of the region’s external image, infrastructure construction/improvement, and surrounding economic effects related to the sports industry) was analyzed through industry linkage analysis, a representative economic activity analysis method, and the direct and indirect effects were added together.
‘As of August 2024, a total of 1.06 billion won has been supported for 12 competitions. The direct effects, such as accommodation and transportation costs, are estimated to be at least 1.5 billion won and up to 1.97 billion won, and the indirect effects are estimated to be at least 6.3 billion won and up to 8.33 billion won. When combined, the economic impact is estimated to be at least 7.8 billion won and up to 10.3 billion won.
A detailed analysis of the competitions showed that hosting elite student competitions and training teams with a long stay of more than five consecutive days and a large number of cheering spectators, including families, had a significant ripple effect on the local economy.
In 2025, the city plans to make the most of its excellent sports infrastructure, including transportation, climate, and sports facilities, which are the region’s strengths, to actively attract elite competitions such as the National Taekwondo Championships and the National Student Volleyball Championships, and to focus on sports marketing to attract training teams for judo, little league baseball, and youth soccer.
Mayor Choi Ki-moon of Yeongcheon City said, “Through sports competitions, athletes and officials visiting the region create economic effects in various areas such as accommodation, transportation, and service industries while staying in the region, making a great contribution to the local economy.” He added, “We will continue to strive to attract many competitions through sports marketing that utilizes the region’s strengths.”