Identification of Consumer Behavior Based on Price Elasticity: A Case Study of the Prague Market of Accommodation Services

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62690094%3A18450%2F20%3A50017865" target="_blank" >RIV/62690094:18450/20:50017865 - isvavai.cz</a>

Nalezeny alternativní kódy

RIV/25619161:_____/20:N0000037

Výsledek na webu

<a href="https://www.mdpi.com/2071-1050/12/22/9452" target="_blank" >https://www.mdpi.com/2071-1050/12/22/9452</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.3390/su12229452" target="_blank" >10.3390/su12229452</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Identification of Consumer Behavior Based on Price Elasticity: A Case Study of the Prague Market of Accommodation Services

Popis výsledku v původním jazyce

The article deals with customer behavior in the market of accommodation services. The main purpose of this article is to identify tourist behavior using their sensitivity to changes in the price, based on the data from 2011 to 2018. The results can help to understand the booking behaviors of tourists in the long term period, identify specific situations, and to improve the application of revenue management. Using simple log-log regression analysis, the daily performance data of 103 Prague hotels were analyzed, and the coefficient of price elasticity of demand was identified for various timeframes: low and high seasons, summer months, weekends and weekdays, and individual years. The results show that the coefficient of price elasticity of demand is decreasing. In the low season, the low price sensitivity is caused mainly by the high proportion of the non-yieldable leisure group segment, where fixed rates are created for tour operators more than a year in advance. In the high season, Giffen&apos;s paradox was identified in 2016 and shows the situation of customers expecting further growth of room rates. The Giffen paradox was identified only on specific dates of the year and was confirmed by year-to-year growth of the Average Daily Rate.

Název v anglickém jazyce

Identification of Consumer Behavior Based on Price Elasticity: A Case Study of the Prague Market of Accommodation Services

Popis výsledku anglicky

The article deals with customer behavior in the market of accommodation services. The main purpose of this article is to identify tourist behavior using their sensitivity to changes in the price, based on the data from 2011 to 2018. The results can help to understand the booking behaviors of tourists in the long term period, identify specific situations, and to improve the application of revenue management. Using simple log-log regression analysis, the daily performance data of 103 Prague hotels were analyzed, and the coefficient of price elasticity of demand was identified for various timeframes: low and high seasons, summer months, weekends and weekdays, and individual years. The results show that the coefficient of price elasticity of demand is decreasing. In the low season, the low price sensitivity is caused mainly by the high proportion of the non-yieldable leisure group segment, where fixed rates are created for tour operators more than a year in advance. In the high season, Giffen&apos;s paradox was identified in 2016 and shows the situation of customers expecting further growth of room rates. The Giffen paradox was identified only on specific dates of the year and was confirmed by year-to-year growth of the Average Daily Rate.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50204 - Business and management

Projekt

—

Návaznosti

N - Vyzkumna aktivita podporovana z neverejnych zdroju

Rok uplatnění

2020

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Sustainability

ISSN

2071-1050

e-ISSN

—

Svazek periodika

12

Číslo periodika v rámci svazku

22

Stát vydavatele periodika

CH - Švýcarská konfederace

Počet stran výsledku

14

Strana od-do

"Article Number: 9452"

Kód UT WoS článku

000594609600001

EID výsledku v databázi Scopus

2-s2.0-85096290635