"Psy’s 'Wet Show' Brings Over 7.5 Billion Won Economic Impact to Sokcho"

The city of Sokcho analyzed the economic effects of Psy's 'Wet Show' and found that over 7.5 billion won in spending occurred on the day of the performance, which took place on the 26th of last month. This figure represents an increase of more than 23% compared to the previous week, indicating that large-scale cultural events significantly contribute to revitalizing the local economy.

Sokcho recently announced the results of analyzing telecommunication and consumption data in collaboration with KT and the Korea University Digital Innovation Research Center. According to the analysis, the number of visitors who attended the festival on the day of the event was recorded at 23,855.

Notably, approximately 5.1 billion won, which accounts for 80% of total spending, was spent by non-locals. It was confirmed that 66.5% of the non-locals were residents of the metropolitan area, indicating a significant influx of tourists from that region.

Night performances led to the activation of local accommodation services.

Despite the performance ending late at night, it was found that 22.26% of non-local tourists stayed in Sokcho for over 24 hours after the show. This suggests that many tourists engaged in overnight stays, illustrating the formation of a long-term stay consumption structure based on local accommodation.

To maximize these effects, Sokcho recruited businesses for extended late-night operations in advance. The 91 participating establishments extended their hours of operation beyond midnight to cater to concert attendees. This collaboration across the city is believed to have contributed to increasing tourists’ stay duration and stimulating local consumption.

Sokcho evaluates the data analysis results as a successful case of Psy's 'Wet Show' injecting substantial vitality into the local economy, and plans to actively reflect these findings in future festival management strategies and tourism policy formulation.

Sokcho Mayor Lee Byung-seon stated, "It has evolved into a cultural festival where the entire city collaborated beyond just a simple performance by a famous artist," and added, "We will work hard to position Sokcho as a model city for stay-type tourism."

Image source: News1, Psy's Wet Show held in Sokcho on the 26th of last month. / Provided by Sokcho City