CREATIVE ECONOMY IN THE NAGA FLAG FESTIVAL: AN ECONOMIC VALUE ANALYSIS OF CULTURAL HERITAGE CONSERVATION

Abstract

This study aims to analyze the economic value of the Naga Flag Festival in Nong Phan Tha Subdistrict, So Phisai District, Bueng Kan Province through the lens of the creative economy. The festival reflects the cultural dimensions and beliefs of local ethnic communities. A survey research methodology was employed, utilizing questionnaires and in-depth interviews with festival participants and key stakeholders. The study's sample included festival attendees, event organizers, and local entrepreneurs, totaling 469 respondents. Data analysis was conducted using a Cost-Benefit Analysis (CBA)

           approach. The findings indicate that the festival generated economic activity in the community with a total benefit of over 1,161,479.42 THB, with financial support from both the public and private sectors, as well as civil society organizations. The economic analysis further revealed a Net Present Value (NPV) of 161,479.42 THB, a Benefit-Cost Ratio (B/C Ratio) of 1.16, and an Internal Rate of Return (IRR) of 16.15%, This demonstrates the festival's economic viability. It also effectively fosters community participation and promotes the conservation of local culture within the context of the creative economy.

          The research findings underscore the festival’s capacity to create economic value through the creative economy approach. The application of Cost-Benefit Analysis (CBA) confirms the festival’s economic feasibility and its role in income distribution within the community. The research can also guide public and private agencies in developing the festival as a sustainable creative economy model. The findings can be used to shape policy on tourism and cultural heritage conservation, making the festival more prominent and ensuring it grows larger each year.