Estimating the Economic Value of a Walking Festival Using the Contingent Valuation Method: Focusing on the Seoul International Walking Festival

With the growing demand for wellness and walking-based tourism, the value of walking festivals that connect urban and regional spaces is receiving increasing academic and policy attention. This study estimates the non-market economic value of the Seoul International Walking Festival using the Contingent Valuation Method. A two-stage survey design was employed to minimize hypothetical bias, and the average willingness to pay was estimated at KRW 16,578. The results suggest that walking festivals create meaningful public value―not only as leisure activities but also as tourism resources that promote health and foster community engagement. This study provides empirical evidence supporting the economic significance of walking tourism and underscores its relevance to public tourism policy and strategic planning. The findings offer a practical reference for local governments and tourism stakeholders seeking to integrate walking festivals into sustainable, wellness-oriented tourism development.