Estimating public preferences for thalassotherapy centers using a choice experiment

Abstract

The United Nations Sustainable Development Goals emphasize good health and well-being. Additionally, increasing life expectancy and the COVID-19 pandemic have led to greater interest in health. Responding to this crucial wave of change has necessitated protecting people's health and creating new industries at the national level. In Europe and Japan, marine healing has long been fostered as an industry. South Korea is also investing in its nascent Thalassotherapy industry. This study investigates which attributes of thalassotherapy centers consumers choose. First, we use a choice experiment to identify consumer preferences and marginal willingness to pay for thalassotherapy centers in South Korea. Second, we investigate the heterogeneity of potential consumers through latent class analysis. This study provides meaningful information on the sustainable operation of thalassotherapy centers and consumer satisfaction. Its findings have implications for various countries and industries that are attempting to develop and sustain the marine healing industry.