Economic Value of Historical Tourist Attraction Muang Sing Historical Park, Kanchanaburi and Tourisms’ Willingness to Pay

Abstract

               This study aims to 1) assess the economic value of Muang Sing Historical Park, 2) assess tourists’ willingness to pay for Muang Sing Historical Park, 3) study opinions on a Muang Sing Historical Park consevation fund, and 4) analyse factors influencing tourists’ willingness to pay for travel to Muang Sing Historical Park. The sample group included 400 domestic and international tourists traveling to Muang Sing Historical Park in 2017 with multi-stage sampling. The Individual Travel Cost Method (ITCM) was employed as a research tool.

               The results revealed that the majority of sample lived in Bangkok, was aged 21 – 30 years old. They finished bachelor degree, earned 10,001 – 20,000 a month, traveled to Muang Sing Historical Park for 1 – 2 times a year with 1 – 2 hours of travel. They traveled for historical study by rented buses and vans with travel cost of 1,001 – 1,500 baht and other related costs of 1,501 – 2,000 baht. The analysis of factors influencing tourists’ willingness to pay for travel to Muang Sing Historical Park discovered that total traveling cost and education were significant factors, furthermore, the tourists’ willingness to pay for fee was 37.17 baht per time, willingness to pay for all expenditure to visit Muang Sing Historical Park was 1,804.55 baht per person, and the economic value of Muang Sing Historical Park in 2017 calculated from the model was 51,513,345 baht.