SEOUL, Feb. 9 (Korea Bizwire) – Medals won at the PyeongChang 2018 Winter Olympics by South Korean athletes could provide intangible benefits valued from 176 billion won to 263 billion won, according to a study by the Hyundai Research Institute.
Assuming for the sake of simplicity that the intangible benefits of all three types of medals (gold, silver, bronze) were equal, researchers estimated that one medal earned in the past decade generated intangible benefits such as national unity, heightened public morale and increased consumption to the tune of 16 billion won to 71 billion won.
Increased popular support for athletes often translates to higher consumption of food, drink and spending in terms of sporting equipment and clothing.
These figures were derived by taking the average number of medals won by South Korea in the last ten years (14.8) as well as estimating the impact of increased consumption during Olympic periods on the economy (230 billion won to 1.06 trillion won).
Since 2000, household consumption rose by an average of 1.1 percent in years with the Winter Olympics as opposed to years without.
The researchers in addition estimated that a medal-winning athlete boosts his or her sponsor’s brand by 12 to 20 billion won.
Exposure of domestic brands and improving national standing from winning a medal was estimated at 148 billion won to 172 billion won.
According to projections made by Sports Illustrated, South Korea is expected to take home 12 medals (7 gold, 4 silver, 1 bronze) this winter.
As of the early evening on February 9, the first medals of the PyeongChang Games have yet to be awarded.
Lina Jang (email@example.com)