JEJU-DO < invest Korea

According to Yonhap News,

A recent study has revealed that the economic value of walking tours in Jeju, which have sparked a trend of walking and relaxation (known as "놀멍 쉬멍" in the local dialect), exceeds KRW 300 billion.

According to the "Economic Value Assessment of Jeju Olle" study released by the Jeju Research Institute on March 11, the economic value of Jeju Olle was uated at a total of KRW 317.5 billion, with KRW 214.2 billion from use value and KRW 103.3 billion KRW from non-use value.

Use value refers to the economic benefits visitors feel from using Jeju Olle, calculated in monetary terms. Survey results showed that visitors were willing to pay an average of KRW 7,225 per person in a day, reflecting the satisfaction and benefits they gained from the experience.

Non-use value, on the other hand, reflects the societal recognition that Jeju Olle’s natural environment and landscape should be preserved, regardless of whether people visit. Respondents were willing to pay an average of KRW 16,260 per person in a day for the preservation of Jeju Olle.

Visitors identified relaxation and recovery (58.2%) and scenery (52.0%) as the core factors for use value, while preservation (56.6%) and heritage (38.8%) were key factors for non-use value.

The survey was conducted among 500 adults aged 20 to 69 from across the country, with 31.8% being local residents of Jeju-do and 68.2% being tourists.

According to the research institute, this study applied the contingent valuation methods (CVM) to economically quantify the natural resource value of Jeju Olle for sustainable environmental conservation.

Jeju Olle, a walking trail designed to heal both body and mind, spans 27 courses covering a total of 437 km, including its sub-routes.

atoz@yna.co.kr

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Source: Yonhap News (March 11, 2025)