Analysis of Determinants of Domestic and Overseas Expenditure Travel: A Financial Panel Data Study

Oh, Hyun-Hee; Kim， Soo-Jung

doi:10.17086/JTS.2020.44.3.71.87

This paper examines the impact of demographic and economic characteristics of households on domestic and overseas travel expenditure. We used the Korea Financial Panel data from 2013 through 2017. Since travel expenditure has many observations that have a value of zero, we use a panel tobit model which is a form of truncation regression model, as well as a panel probit model, We found that household income is the most significantly associated with domestic and overseas travel expenditure; thus, travel demand and expenditure are expected to continue to increase as the economy grows and the national income increases. Furthermore, overseas travel expenditure and demand are greater when the head of household is female, the number of household member is small, and the head of household is old. However, domestic travel expenditure and demand are not associated with those factors. These results indicate that socio-demographic changes in Korea, such as increase in female-head households, single-person households, and aging population, are expected to expand overseas travel expenditure.

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* 2021년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

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