융합경영연구 (The Journal of Economics, Marketing and Management)

국제융합경영학회 (International Convergence Management Association)
권호 표지
DOI QR코드

DOI QR Code

Consumption Changes during COVID-19 through the Analysis of Credit Card Usage : Focused on Jeju Province

  • YOON, Dong-Hwa (Data Science for sustainable Growth, Jeju National University) ;
  • YANG, Kwon-Min (Jejutechnopark) ;
  • OH, Hyeon-Gon (Smartcoop) ;
  • KIM, Mincheol (Faculty of Data Science for sustainable Growth & Tourism, Business, and Economic Research Institute, Jeju National University) ;
  • CHANG, Mona (BK21 Social Data Science Research Center at Jeju National University)
  • 투고 : 2021.08.10
  • 심사 : 2021.09.23
  • 발행 : 2021.10.30
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

Purpose: This study is to analyze the changes of consumption patterns to diagnose the economic impacts on consumers' market during COVID-19, and to suggest implications to overcome the new social and economic crisis of Jeju Island. Research design, data, and methodology: We collected a set of credit card transaction records issued by BC Card Company from merchants in Jeju Special Self-Governing Province for past 4 years from 2017 to 2020 from the Jeju Data Hub run by Jeju Special Self-Governing Province. The big data contains details of approved credit card transactions including the approval numbers, amount, locations and types of merchants, time and age of users, etc. The researchers summed up amount in monthly basis, transforming big data to small data to analyze the changes of consumption before and after COVID-19. Results: Sales fell sharply in transportation industries including airlines, and overall consumption by age group decreased while the decrease in consumption among the seniors was relatively small. The sales of Yeon-dong and Yongdam-dong in Jeju City also fell significantly compared to other regions. As a result of the paired t-test of all 73 samples in Jeju City, the p-value of the mean consumption of the credit card in 2019 and 2020 is significant, statistically proven that the total consumption amount in the two years is different. Conclusions: We found there are sensitive spots that can be strategically approached based on the changes in consumption patterns by industry, region, and age although most of companies and small businesses have been hit by COVID-19. It is necessary for local companies and for the government to be focusing their support on upgrading services, in order to prevent declining sales and job instability for their employees, creating strategies to retain jobs and prevent customer churn in the face of the crisis. As Jeju Province is highly dependent on the tertiary industry, including tourism, it is suggested to create various strategies to overcome the crisis of the pandemic by constantly monitoring the sales trends of local companies.

키워드

과제정보

The authors who participated in this study did not conflict with each other and made the same contribution. The data in this article was provided by Big Data Center, Jeju Special Self-Governing Province.

참고문헌

  1. Ahn, E, & Ahn, J. (2021). A Study on the Revitalization of Local Tourism in Yongin City Based on Tourism Bigdata Analytics: Focusing on Geographic Information System Analytics Combining Mobile Communication and Credit Card Data. Journal of the Korea Convergence Society, 12(4), 207-216. https://doi.org/10.15207/JKCS.2021.12.4.207
  2. Ahn, S. H., Lee, Z., & Ha, J. E. (2017). Establishment of quick model for private consumption symptom. The Journal of Bigdata, 2(1), 59-69.
  3. An, D., & Liu, X. (2020). The Phantom and Countermeasures of COVID-19 on the Chinese Tourism Industry. Tourism Research, 45(2), 309-325. https://doi.org/10.32780/KTIDOI.2020.45.2.309
  4. Bounie, D., Camara, Y., & Galbraith, J. W. (2020). Consumers' Mobility, Expenditure and Online-Offline Substitution Response to COVID-19: Evidence from French Transaction Data. Available at SSRN 3588373.
  5. Chang, M., & Lim, H. (2021). Structural Relations of Positive Tourism Impacts on Residents Attitude and Support for Tourism Development in Jeju. Journal of Tourism & Industry Research, 41, 13-26.
  6. Chang, M., Choi, K., & Kim, M. (2020). On Factors Affecting Tourism Capacity (Overtourism): Using Logit Analysis. Journal of Tourism & Industry Research, 40, 15-23.
  7. Choi, B. D. (2020). Paradigm Shift before and after COVID-19. Suwon Research Institute. Retrieved from https://www.suwon.re.kr/board/board.phpbotable=oonlinesl&wrid=6
  8. Choi, K. W., Kang, J., Kim, M. C., & and Kim, J., (2021). Compromise between Small Data and Big Data. Journal of Tourism & Industry Research, 41(2), 21-31
  9. Cohen, J. (1988). Statistical power analysis for the behavioral sciences (2nd ed.). US: Lawrence Erlbaum Associates.
  10. Fashion Post. (October 16, 2020). Where, how, and what do teenagers want to buy?. Fashion Post. Retrieved from https://fpost.co.kr/board/bbs/board.php?bo_table=special&wr_id=513
  11. Fernandes, N. (2020). Economic effects of coronavirus outbreak (COVID-19) on the world economy. Available at SSRN 3557504.
  12. Galletta, A., Carnevale, L., Celesti, A., Fazio, M., & Villari, M. (2017). A cloud-based system for improving retention marketing loyalty programs in industry 4.0: a study on big data storage implications. IEEE Access, 6, 5485-5492. https://doi.org/10.1109/access.2017.2776400
  13. Hotho, A., Nurnberger, A., & Paass, G. (2005, May). A brief survey of text mining. In Ldv Forum (Vol. 20, No. 1, pp. 19-62).
  14. Hwang, K., & Kim, H. (2020). The Effect of Dietary Trend Changed by COVID-19 Consumption Value on Behavioral Intention. Tourism Research, 45(4), 705-727. https://doi.org/10.32780/KTIDOI.2020.45.4.705
  15. Jeju Data Hub. (2021). [Consumption, Economy] Group/Individual Tourist Consumption Data. Jeju Data Hub. Retrieved from https://www.jejudatahub.net/data/view/data/603
  16. Jeju Tourism Association. (2021). Jeju Tourism Statistics-Monthly Statistics. Jeju Tourism Association. Retrieved from http://visitjeju.or.kr/web/bbs/bbsList.do?pageIndex=2&sBbsId=TOURSTAT&bbsId=TOURSTAT¬iceNum=&authNum=&sKeyOpt=1&sKey=
  17. Jeju Tourism Organization. (2020). Analysis of consumption impact on Jeju Island in 2020 due to COVID-19. Jeju Tourism Organization. Retrieved from http://ijto.or.kr/korean/Bd/view.php?btable=policy&bno=54&pds_skin=&p=1&lcate=
  18. Jeju Tourism Organization. (2020). Trend Analysis for Jeju Tourism: Before vs After COVID-19. Jeju Tourism Organization. Retrieved from https://ijto.or.kr/korean/Bd/view.php?btable=pds&bno=332&pds_skin=&p=1&lcate=2
  19. Jeong, D., & Lee, S. (2020). COVID-19 changes the future of travel. Issues & Analysis, 1-25.
  20. Jeon, J. Y. (2020). Status of foreigners' credit card spending in tourism sector in the first half of 2020. Korea Tourism Policy, 81, 112-119.
  21. Kang, E. S. (2020). "I didn't go to a restaurant because of COVID-19 and made delivery"... The payment amount for delivery app reached the maximum in August". News 1. Retrieved from https://m.news1.kr/articles/?4051486&212#_enliple
  22. Kang, J. H., Bang, K. S., & Ko, Power Analysis in Experimental Designs with t test Analysis. Journal of Korean Academic Society of Nursing Education, 15(1), 120-127. https://doi.org/10.5977/JKASNE.2009.15.1.120
  23. Kim, D. K., (2015). The impact of risks, crises and disasters on the tourism industry and countermeasures. Korea Tourism Policy, 61, 26-33.
  24. Kim, H. S., & Lee, K. (2021). Virtual Travel according to the Development of Information Media and the Changes in Tourism After COVID-19. Journal of the Korean Geographical Society, 56(1), 1-14. https://doi.org/10.22776/KGS.2021.56.1.1
  25. Kim, J., & Kim, H. (2019). Analysis of Start-up and Closing of Individual Business Using Credit Card Big Data. Journal of Digital Contents Society 20(10), 2035-2044. https://doi.org/10.9728/dcs.2019.20.10.2035
  26. Kim, S., & Lim, H. (2020). Content Analysis of Tourism Development Trend in KCI Journals. Tourism & Leisure Research, 32(1), 27-51.
  27. Koh, S. (2021). A Study on the Changes in the Perceptions of Tourism in Jeju Local Residents Before and after COVID-19. Journal of The Korean Association of Regional Geographers, 27(2), 164-178. https://doi.org/10.26863/JKARG.2021.5.27.2.164
  28. Koh, S. Y., & Jeong, G. (2021). Policy Achievements and Tasks for Using Big-Data in Regional Tourism: The Case of Jeju Special Self-Governing Province. Korea Academy Industrial Cooperation Society, 22(3), 579-586. https://doi.org/10.5762/KAIS.2021.22.7.579
  29. Korea Statistical Information Service. (2021). The number of businesses, number of employees and sales by industry of Jeju Special Self-Governing Province. Korea Statistical information Service. Retrieved from https://kosis.kr/statHtml/statHtml.do?orgId=101&tblId=INH_1K52C08_39&vw_cd=&list_id=00000024&scrId=&seqNo=&lang_mode=ko&obj_var_id=&itm_id=&conn_path=R1&path=
  30. Kreiner, N. C., & Ram, Y. (2020). National tourism strategies during the Covid-19 pandemic. Annals of tourism research.
  31. Lee, H. M. (2021). Comparative analysis on Tourism Issue in Accordance with Pandemic Influenza Using Text Mining Method: Focusing on the Comparison of SARS, H1N1 influenza, MERS, and Covid-19. Korean Hospitality and Tourism Academe, 30(4), 181-200. https://doi.org/10.24992/KJHT.2021.6.30.04.181
  32. Lee, H. S., & Kim, J. H. (2021). Analysis of Food Consumption Behavior due to COVID-19: Focusing on MZ Generation. Journal of Digital Convergence, 19(3), 47-54. https://doi.org/10.14400/JDC.2021.19.3.047
  33. Lee, M., & You, J. (2020). The Socio-Economic Effects of COVID-19: Focusing on Consumer Expenditure and Labor Market. Asia-Pacific Journal of Business & Commerce, 12(3), 121-141. https://doi.org/10.35183/ajbc.2020.11.12.3.121
  34. Lim, J. P., (2020). Crisis management and challenges of the air transport industry caused by COVID-19. International Journal of Tourism and Hospitality Research, 34(7), 139-154. https://doi.org/10.21298/IJTHR.2020.7.34.7.139
  35. Maliszewska, M., Mattoo, A., & Van Der Mensbrugghe, D. (2020). The potential impact of COVID-19 on GDP and trade: A preliminary assessment. World Bank Policy Research Working Paper, (9211).
  36. McKibbin, W., & Fernando, R. (2020). The economic impact of COVID-19. Economics in the Time of COVID-19, 45(10.1162).
  37. Oh, I. K., Lee, T. S., & Chon, C. N. (2015). A Study on Awareness of Korea Tourism through Big Data Analysis. Journal of Tourism Science, 39(10), 107-126.
  38. Onan, A. (2021). Sentiment analysis on massive open online course evaluations: a text mining and deep learning approach. Computer Applications in Engineering Education, 29(3), 572-589. https://doi.org/10.1002/cae.22253
  39. Padhan, R., & Prabheesh, K. P. (2021). The economics of COVID-19 pandemic: A survey. Economic Analysis and Policy, 70, 220-237. https://doi.org/10.1016/j.eap.2021.02.012
  40. Park, S. M., Nam, G. E., & Yang, S. W. (2021). An Empirical Analysis on the change of Jeju-do's Overtourism with WTTC's Overtourism Indicators. Proceedings of the conference of the Digital Contents Society, 41(1), 250-253.
  41. Park, S., Shin, J. O., Song, S., & Jeong, C. (2017). Forecasting Tourism Demand using Text Mining Techniques: Focused on an Online Search Engine. Journal of Tourism Science, 41(1), 13-27. https://doi.org/10.17086/JTS.2017.41.1.13.27
  42. Shim, W., Choi, S., & Shim, C. (2018). Identifying Major Issues of Tourism Analysis Using Big Data: Focused on Mobile and Credit Card Data. Journal of Tourism Studies, 30(3), 3-22. https://doi.org/10.21581/jts.2018.08.30.3.3
  43. Shin, G., & Y, M. (2020). The COVID-19 era, contact-free consumption and survival strategies of retailers. Issues & Analysis, 1-25.
  44. Sim, Y., & Kim, H. (2016). A Study of Destination Image and Measurement Using Text Mining. Journal of Tourism Science, 40(7), 221-245. https://doi.org/10.17086/JTS.2016.40.7.221.245
  45. Sun. J. (2021). A study on the High-Rise Policy of Jeju Area Evaluation and Proposal-Targeting Chinese tourists and international students- (Doctoral dissertation, Graduate school Jeju National University).
  46. The Bank of Korea. (February 3, 2021). Impacts and ripple effects of external crisis shocks on tourism-related industries in Jeju Island. The Bank of Korea. Retrieved from http://www.bok.or.kr/portal/search/search.do
  47. The Chosunilbo. (August 04, 2020). Casinos on Jeju Island Face Bankruptcy. The Chosunilbo. Retrieved from http://english.chosun.com/site/data/html_dir/2020/08/04/2020080401906.html
  48. Toubes, D. R., Araujo Vila, N., & Fraiz Brea, J. A. (2021). Changes in consumption patterns and tourist promotion after the COVID-19 pandemic. Journal of Theoretical and Applied Electronic Commerce Research, 16(5), 1332-1352. https://doi.org/10.3390/jtaer16050075
  49. Ugur, N. G., & Akbiyik, A. (2020). Impacts of COVID-19 on global tourism industry: A cross-regional comparison. Tourism Management Perspectives, 36, 100744. https://doi.org/10.1016/j.tmp.2020.100744
  50. Yang, T., & Ko, J., (2020). Differentiated Marketing Strategies of Templestay at Suguksa. The Journal of Buddhism and Society, 12(1), 110-135.
  51. Yoon, H., & Jang, J. (2019). A Research on the Cabin Service Quality Factors in a National Carrier affecting Overseas Tourist's Experience and Satisfaction. Journal of the Korea Academia-Industrial Cooperation Society, 20(9), 188-197.