During the day of singer PSY's 'Holo Show' held in Sokcho, more than 7.5 billion won was spent. The star performance has been evaluated as a 'driver of the local economy.'
On the 20th, a joint analysis conducted by Sokcho City, KT, and Korea University's Digital Innovation Research Center revealed that a total of 23,855 people attended the performance on the 26th of last month, and among them, over 21,000 (88%) were outsiders.
In particular, residents of the metropolitan area (Seoul, Gyeonggi, Incheon) accounted for 66.5% of outsiders, leading local consumption. Among the outsiders, 22.3% stayed for more than 24 hours, which led to spending on lodging and tourism.
In response, Sokcho City recruited businesses to extend their hours late into the night on the day of the performance to ensure that the audience would not experience any inconvenience. A total of 88 businesses participated voluntarily, providing food and rest even after the concert ended.
This trend was confirmed in actual consumption data. The consumption scale in Sokcho on the day of the performance was 7.5 billion won, an increase of more than 25% compared to 6 billion won the previous week. In particular, payments from metropolitan residents accounted for most of the top 20 transactions, leaving a direct impact on the local economy.
By age group, those in their 20s were the most numerous at about 7,200 people (34.3%), followed by those in their 30s (about 5,200), 40s (about 3,500), 50s (about 2,300), and teenagers (about 1,900). The high proportion of young people led to the interpretation that the concert resulted in 'stay-type tourism.'
The economic impact of star performances has been proven globally. American pop star Taylor Swift's 'Eras Tour' achieved record sales of 1.3728 trillion won, leading to the coining of the term 'Swiftenomics.'
Sokcho plans to use this case as a model for revitalizing the local economy and reflecting it in tourism policy. Mayor Lee Byung-sun of Sokcho said, "Large performances have made Sokcho a focal point of national interest," adding, "We will work to build a sustainable tourism city brand."