Analyses of Economic Effectiveness of Marine Sport Tourism in Penghu National Scenic Area

Abstract

The main purpose of this study was to analyze the economic effectiveness of marine sport tourism industry in Penghu National Scenic Area (PNSA). We used travel cost method (TCM) and contingent valuation method (CVM) to analyze and compare the differences between these two methods to estimate the economic effectiveness of marine sport tourism in the PNSA. Results indicated that there were differences between two evaluation approaches, and both methods indicated that marine sport tourism provides economic value to the PNSA. The calculated TCM economic value for each tourist was NT$ 11,064. While the calculated CVM for the use value was NT$ 4,623, the existence value NT$ 2,241, and the bequest value NT$ 2,508. Based on 296,323 tourists who visited PNSA in 2014, the total TCM economic value was NT$ 3,278,517,672. While the calculated CVM use value was NT$ 1,369,901,229, the existence value NT$ 664,059,843, and the bequest value, NT$ 743,178,084. In comparison, the total economic value measured by TCM was approximately NT$ 3.2 billion, which was higher than the CVM. We conclude that although the evaluation methods indicated a difference in economic value, findings revealed that the marine sport tourism industry is of great economic value to the PNSA. Therefore, it would be beneficial for the government to further develop the marine sport tourism industry so as to create an ongoing and sustainable contribution to the economic values for the PNSA.