Abstract
Derived from the theory of experienced utility where individuals make a decision based on hedonic gains rather than capital gains, the experience economy suggests that industries should increase their revenue by increasing consumers’ hedonic experiences. Such decision makers also tend to heuristically evaluate potential hedonic losses. Therefore, this study investigated the gain values and experience loss values of hospitality and tourism products and influential experiential components. A total of 543 usable responses collected through an online survey company were analyzed using descriptive analysis and regression analysis. The results showed that many respondents preferred to purchase nature/sightseeing-related products, paying an average of $230, but with approximately 41% as experience loss values. More specifically, novelty, relaxation, and personal relevance positively influenced the perceived financial values of hospitality and tourism products, whereas, novelty and educational values had positive influences on the perceived experience loss values associated with the corresponding product. More discussion is included about managing gain and loss values.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.