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The Wealth Effect on Outbound Tourism Expenditure: Focusing on Stock and Real Estate Price

In the field of tourism demand research, tourism expenditures has mostly been explained as a function of discretionary income. However, economic theories has suggested that consumption could be stimulated even without a change in actual earnings. The most well-known phenomenon related to this is the wealth effect on consumption. From the wealth effect concept, people may spend more on goods when they actually become richer, or when they perceive themselves to be richer. Based on this concept, this study tested the wealth effect on expenditure of Korean travelers during 20 years period between 1989 and 2009 with quarterly time-series data. Real estate and financial assets(stock) were employed as two variables of wealth because the majority of Korean citizens invested their wealth in them during the period. Results showed the statistically significant effect of financial assets(stock) on the expenditures. However, results did not empirically support the effect of real estate on the expenditure. Implications and suggestions for future research were also provided.