economy
BTS-mania poised to boost South Korea's economy well into the future
BTS-mania, with all the fan spending and travel, is poised to boost South Korea's economy well into the future
TL;DR
- Tens of thousands of BTS fans are expected to attend the group's Arirang tour in Busan, South Korea.
- The phenomenon has led to the term "Bangtan-nomics" to describe BTS's potential economic impact.
- NH Securities predicts BTS fan spending could contribute up to 0.35% to South Korea's GDP annually by 2040.
- Past BTS concerts in South Korea have attracted foreign tourists who stayed longer and spent more.
- A 2019 study found that 98% of foreign BTS concert attendees planned to revisit Seoul within five years.
- Demand for accommodation in Busan spiked due to the concert, leading to government intervention against price gouging.
- Potential risks to economic forecasts include geopolitical factors and the emotional, unstable nature of fan behavior.
- Despite risks, BTS is seen as a significant contributor to South Korea's economic power and soft power.