Gimhae, South Korea – A recent study conducted by the Gimhae Research Institute has revealed that three major events held in the city last year generated a staggering 1.1095 trillion won in economic impact. The events, including the 105th National Sports Festival, the 44th National Paralympic Sports Festival, the 2024 East Asia Cultural City designation, and the Gimhae Visit Year campaign, significantly boosted the local economy and attracted a record number of visitors.
Record Tourism and Increased Spending
The research, which utilized mobile telecommunications and credit card data, found that Gimhae welcomed a record 48.88 million visitors in 2024, a 7.4% increase from the previous year. This surge in tourism led to a corresponding increase in consumer spending, with visitors contributing a total of 530.7 billion won to the local economy. Notably, the food and beverage sector experienced a 5% growth, reflecting the city's thriving culinary scene.
Economic Multiplier Effect
The economic ripple effects of these mega-events were substantial. The total economic impact, including direct and indirect effects, was estimated at 1.1095 trillion won, creating over 13,204 jobs. Moreover, the study indicated that a significant portion of this economic impact was concentrated within the Gyeongnam region, highlighting the events' role in driving regional growth.
A New Growth Model
The success of these mega-events has positioned Gimhae as a model for cities seeking to stimulate their economies and enhance their cultural offerings. The city's ability to attract a large number of visitors and generate substantial revenue demonstrates the power of strategic event planning and tourism promotion.
Looking Ahead
Gimhae Mayor Hong Tae-yong expressed his gratitude for the community's support and highlighted the events' role in strengthening the city's brand identity. Looking ahead, the city aims to build upon this success by developing a sustainable tourism strategy that leverages its cultural and historical assets.
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