Analysis of Korean millennials' travel expenditure patterns: an almost ideal demand system approach. Issue 1 (2nd January 2020)

• Record Type: Journal Article
• Authors: Ahn, Young-joo; Lee, Byeong Cheol; Lee, Seul Ki
• Is Part Of: Asia Pacific journal of tourism research. Volume 25:Issue 1(2020)
• Page Start: 3
• Page End: 14
• Publication Date: 2020-01-02
• Subjects: Almost ideal demand system (AIDS) -- travel expenditure -- domestic travel -- generational cohort -- millennial generation -- generation X -- baby boomer generation -- travel duration -- travel party size -- travel distance; Tourism -- Asia -- Periodicals; Tourism -- Pacific Area -- Periodicals; 338.4791504429
• DOI: 10.1080/10941665.2019.1578810
• Languages: English
• ISSNs: 1094-1665

Abstract

ABSTRACT: Generational cohorts can differ in their consumption patterns and preferred travel behavior. As the millennial generation represents an important economic force and influences new consumption trends, this study utilizes nationwide data and almost ideal demand system (AIDS) approach to examine expenditure patterns of Korean travelers during holidays. In this process, the joint effects of travel-related characteristics are also examined. The results of the AIDS estimation on data from 871 domestic travelers reveal significantly different travel expenditure patterns for cohorts. The findings contribute to furthering the understanding of how different generational cohorts allocate their travel budgets to respective travel expenditure categories.