The first analysis of the economic impact of the government, Son Heung-min
Market value of 1206 billion won, exports of 1 trillion 122 billion won
Increased national awareness and ad amount up to 74 billion won
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Reuters Yonhap News” style=”padding:0px;margin:0px”>
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▲ Son Heung-min.
Reuters Yonhap News
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Hyundai Motor Company website” style=”padding:0px;margin:0px”>
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▲ Sonata.
Hyundai Motor Company Site
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The economic ripple effect of Son Heung-min, who is active in the English Premier League (EPL) Tottenham Hotspur, reached about 2 trillion won and the employment effect reached 1710. Assuming that 25 million won Sonata is exported, it is equivalent to the export effect of 80,000 units.
The Ministry of Culture, Sports and Tourism and the Korea Institute of Sports Policy and Science announced on the 21st that it was estimated to reach KRW 1.988.5 billion as a result of analyzing the economic ripple effect of Son Heung-min through export and import trade statistics of the Korea Customs Service, industry relations table of the Bank of Korea, and domestic and overseas surveys. This is the first time that the government has analyzed Son Heung-min’s economic ramifications.
Son Heung-min, who is competing for the league scorer with 11 goals (2nd place) this season, was awarded the Puskas Award for’The 70m Running Wonder Goal’ at the ‘2020 The Best FIFA Football Awards’ hosted by the International Football Federation (FIFA) on the 18th. Received. Perhaps for this reason, Son Heung-min’s ransom price jumped from 75 million euros (about 100 billion won) to 90 million euros (about 120 billion won). As the market value increases in the future, the economic ripple effect of Son Heung-min is expected to increase.
The economic ripple effect of Son Heung-min was calculated by dividing into four fields: market value (126.2 billion won), export effect (1.22 trillion won), non-market value (727.9 billion won), and advertising effect (18 billion won per year) corresponding to the player’s ransom.
As for the export effect, Son Heung-min’s contribution to the improvement of national brand value resulted in an increase in exports of consumer goods to Europe of 305.4 billion won, production inducing effect of 6207 billion won, added value inducing effect of 195.9 billion won, and employment inducing effect of 1710 people.
In detail, as a result of a local survey of 500 adults in five European countries (UK, France, Germany, Spain, and Italy), Son Heung-min’s contribution to national brand improvement was estimated at 1.97%, and accordingly, the annual export increase contributed by Son Heung-min. This is 40.2 billion won. In addition, 13% of the brand depreciation is applied every year, and the cumulative total estimated over the next 30 years is 2652 billion won, with a total export effect of 305.4 billion won.
The non-market value, such as raising national awareness and motivating youth, was estimated at 727.9 billion won. In addition, the effect of advertising sales from the Tottenham match broadcast is estimated to reach 18 billion won per year, considering the monthly advertising amount and number of ad sales. In the end, Son Heung-min’s economic ripple effect is equivalent to the scale of exporting 80,000 cars worth 25 million won.
Minister of Culture, Sports and Tourism Park Yang-woo said, “We were able to confirm the economic value of sports such as domestic sports stars who are active overseas to increase national brand value and contribute to export growth.”
Reporter Ryu Jae-min [email protected]
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