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Although before the end of the Pyeongchang Winter Olympics, Yonhap News Agency said that South Korea’s Presidential Palace Blue House revealed that the Pyeongchang Winter Olympics will drive consumer spending growth of 1.4 trillion won (approximately RMB 8.2 billion) and is expected to boost domestic production in South Korea in the first quarter. Gross value (GDP) increased by 0.2%.

    This number has not satisfied the whole of South Korea. At least, it seems that the organizers' estimates before the Winter Olympics are a bit too optimistic.

Ticket lump-sum, sponsorship apportionment? Economic benefits are difficult to meet expectations

    The most widely spread is a report released by the Korea Hyundai Economic Research Institute-"The Economic Benefits Created by the Pyeongchang Winter Olympics."

    According to the report, the current Olympic Games will create about 65 trillion won (equivalent to 60 billion U.S. dollars) in economic benefits. Lee Hee-beom, chairman of the Pyeongchang Winter Olympics Organizing Committee, also stated in an interview that “Through the Pyeongchang Winter Olympics, Gangwon-do is in the regional economy. A major breakthrough will be achieved in development."

    Indeed, holding an Olympic event can actually drive consumption and stimulate the economic growth of various industries in the surrounding areas. However, it is worth mentioning that the expected income does not mean that it has been nailed down, considering that the relevant economic report is from 2011 It is doubtful whether the actual situation can meet expectations.

    According to the data released by the Pyeongchang Olympic Organizing Committee in mid-January, there are about 72,000 guest rooms in hotels and hotels in Gangwon Province where Pyeongchang is located. At that time, only 16,744 rooms were booked, accounting for only 24.66% of the total number of rooms.

    Looking at ticket sales, according to the Pyeongchang Organizing Committee, 94% of the Winter Olympics tickets were sold, and 146,000 spectators came to watch the games on the 17th alone. However, the actual load factor on the scene is different from the statement of the organizing committee. Whether it is the alpine ski resort or the ice sports center of the Olympic Park, there are a large number of empty seats.

    Olympic volunteers are even organized to fill the vacant seats. They will take off their volunteer uniforms and pretend to be ordinary spectators. If the audience who actually bought tickets for the seat then enters the venue, the volunteers will leave by themselves.

    In this regard, the organizing committee gave an explanation: "We hope this will help increase the atmosphere of the stadium and enable the athletes to perform at their best level."

In the meantime, a report by Japan's Yahoo News also made people feel confusing about the actual situation of ticket sales. Japanese media said that from November last year to the start of this year, ticket sales surged from 30% to more than 77%, but most of the tickets were actually undertaken by many local companies and institutions in South Korea in the form of responding to the government's call.

    The attraction of overseas spectators and tourists to the Pyeongchang Winter Olympics obviously did not meet expectations. According to the travel information company ForwardKeys, the number of air tickets booked from the United States to South Korea increased by 24% in February, and the global air ticket bookings to South Korea increased by 15%. ForwardKeys spokesperson Tasi said that for a country that is hosting a global event such as the Winter Olympics, such growth data is not high. "It was originally expected that there would be a triple-digit growth."

    South Korea’s "Asian Economy" website reported that, according to the judgment of the Ministry of Culture, Sports and Tourism and the Korea Tourism Administration, the number of Chinese tourists who came to South Korea during the Winter Olympics was between 80,000 and 92,000, which is not only a significant drop from last year’s 145,645. It is also the lowest point in history in recent years.

Why is there such a big landslide?

    The most direct view is that the Pyeongchang Olympics has detonated prices, making tourists feel worthless. In the Gangwon-do area of Pyeongchang County, the average hotel stay during the Winter Olympics is between 300,000 to 400,000 won (RMB 1,800 to 2,400). You need to know the hotel prices for one day in peak seasons during the years when the Winter Olympics are not held. It is only 100,000 to 150,000 won, and this is already the price after South Korea's crackdown on the price increase of hotels. Prior to this, the single-day price of some hotels has approached 5,000 yuan.

    What is surprisingly expensive is not just food, clothing, shelter, and transportation. The ticket prices for the Pyeongchang Winter Olympics are also incomprehensible.

    Take the tickets sold in China as an example. The average ticket price is more than 800 yuan, and the most expensive ticket is as high as 8000 yuan (the ice hockey final). This price has exceeded the ticket price of the football World Cup final.

    In fact, even domestic Koreans who get free tickets (for low-income people) will give up watching the game because of the expensive transportation and accommodation.

    A previous survey from the Korean Ministry of Culture, Sports and Tourism showed that only 7.9% of South Koreans said they would go to Pyeongchang to watch the Winter Olympics.

    A series of previously unforeseen dilemmas greatly reduced the actual income-generating ability of the Pyeongchang Winter Olympics. In connection with the rising budget before the start of the game, the Pyeongchang Winter Olympics seems to be getting deeper and deeper into a bad economic account.

    In an analysis by the Korea Institute of Industrial Strategy, excluding infrastructure investment, after the end of the Pyeongchang Winter Olympics, the annual maintenance and operation costs of the 12 venues are about 31.4 billion won, and the expected revenue is only 17.2 billion won.

    Pyeongchang has to fill the hole of 14.2 billion won each year. In addition, returning to the sponsorship income that has already been credited, South Korea pointed out that too many domestic companies have sponsored in response to government needs. On the surface, the prosperity of sponsorship income is actually The profit of local companies is at the expense.

    The "Economic Benefits Created by the Pyeongchang Winter Olympics" stated that among the 65 trillion won of economic benefits, not to mention the current Olympic-related investment and consumption expenditures (including the income and income from the investment and construction of stadiums, transportation networks, and accommodation facilities). How much water does the 21.1 trillion won that may be created by tourist consumption, for example, 43.8 trillion, which accounts for a huge proportion, will be the indirect economic benefits generated during the 10-year period of the post-Winter Olympics era.

    At least for now, you won't get a comforting answer.