A Study on Estimating the Economic Valuation of Marine Healing Tourism Based on the Contingent Valuation Method

Abstract

The Korean government is spearheading the nation’s first-ever project of building four thalassotherapy centers. Thalassotherapy is an effective way of assisting recovery from psychological distress caused by the COVID-19 pandemic and enhancing physical and mental health. The findings of numerous scientific and clinical studies support the positive effects of thalassotherapy. To help thalassotherapy take root in Korea by providing concerned parties with key underlying data, this study estimated the willingness to pay (WTP) for thalassotherapy services through the contingent valuation method (CVM). Targeting 1,000 people nationwide, we conducted an online survey to estimate the WTP per household for a one-night and two-day stay at a thalassotherapy center. The WTP was computed to be KRW 298,570 with the total market size being estimated at KRW 10 28 billion. Those who are married, enjoy traveling or suffer from chronic disease exhibit higher WTP. The valuable data of this study, along with its implications for policy implementation and decision-making, lay the foundation upon which countries, local governments, and companies could foster the thalassotherapy industry in an effective and timely manner. The authors believe that it will not be long before thalassotherapy centers can soothe the tired minds and bodies of Korean citizens in the post-COVID-19 era.