An Economic Impact Analysis of a Sport Event using Big Data: The Case of Chuncheon Marathon
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Sporting events have a significant social and economic impact on the host community. The purpose of this study was to assess the economic impact of the Chuncheon Marathon in Korea. Input-output analysis was used to assess the event’s economic impact. Big data on card transactions were collected by setting the area around the gathering place and the marathon finish line for each event day. A total of 1,983,722 card transaction cases were collected for the analyses. The card transaction amount increased by 1.6 billion KRW in 2017 compared to 2016, but in 2018, it decreased by 1.4 billion KRW from 2017. The national input-output table published in 2015 by the Bank of Korea was used to calculate the economic impact of the event from 2016 to 2018. The results showed spending patterns during the event and the economic impact of the sporting event based on big data of card transactions. Practical implications based on the results are provided in the form of hosting multiple date marathon events and developing marketing plans with an emphasis on local participants to produce more food, beverage, and lodging revenues.
Abstract
Sporting events have a significant social and economic impact on the host community. The purpose of this study was to assess the economic impact of the Chuncheon Marathon in Korea. Input-output analysis was used to assess the event’s economic impact. Big data on card transactions were collected by setting the area around the gathering place and the marathon finish line for each event day. A total of 1,983,722 card transaction cases were collected for the analyses. The card transaction amount increased by 1.6 billion KRW in 2017 compared to 2016, but in 2018, it decreased by 1.4 billion KRW from 2017. The national input-output table published in 2015 by the Bank of Korea was used to calculate the economic impact of the event from 2016 to 2018. The results showed spending patterns during the event and the economic impact of the sporting event based on big data of card transactions. Practical implications based on the results are provided in the form of hosting multiple date marathon events and developing marketing plans with an emphasis on local participants to produce more food, beverage, and lodging revenues.