Estimate economic value of tourism in Champasack province by using travel cost method

Abstract

Tourism plays a vital role in socio-economic development. This study is to evaluate the economic value and the reason why tourists visit Champasack Province. Travel cost method was employed and Descriptive statistics were analyzed with the total sample of 250 tourists, in that 104 were domestic and 146 were foreigners. The economic value of domestic tourists is approximately 1,095,290 LAK per trip, mainly one-day trip and foreigner is about USD 26.83 per day, some people might as high as USD 100 per person per day and mostly 1-5 days stay. The majority of tourists were from a European country and the main destination was four thousand islands, Watphou world heritage. The main reason for visiting was peaceful and safe, good existing environment, good for travel and a good place for organizing events, respectively.