Tourists' spending and adherence to shopping plans: The case of the christmas market in Merano,Italy |
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| Institution: | 1. Research Group in Economic Dynamics (GIDE), Department of Quantitative Methods, Facultad de Ciencias Económicas y de Administración, Universidad de la República, Montevideo, Uruguay;2. Competence Centre in Tourism Management and Tourism Economics (TOMTE), Free University of Bolzano, Faculty of Economics and Management, Bolzano, Italy;1. School of Business, Universidad Adolfo Ibáñez, Av. Diagonal Las Torres 2700, Peñalolén, Santiago, Chile;2. School of Advertising, Marketing and Public Relations, QUT Business School, Queensland University of Technology, 2 George Street, GPO Box 2434, Brisbane 4001, Queensland, Australia;3. Department of Marketing, ESADE Business School, Universitat Ramon Llull, Av. Torre Blanca 59 of 306-N, E-08172 Sant Cugat, Barcelona, Spain;1. Institute for Tourism & Recreation Research, 32 Campus Dr. #1234, College of Forestry and Conservation, University of Montana, Missoula, MT 59812, USA;2. Warnell School of Forestry and Natural Resources, 180 East Green Street, University of Georgia, Athens, GA 30602-2152, USA;1. University of Girona, Spain;2. Baden-Wuerttemberg Cooperative State University, Germany;1. Department of Economics and Marketing, IULM University, Via Carlo Bo’ 1, 20143 Milano, Italy;2. Department of Economics and Business, University of Sassari, Via Muroni 25, 07100 Sassari, Italy;3. Department of Psychology, City College, City University of New York, 138th Street and Convent Avenue, New York, NY 10031, USA |
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| Abstract: | The present paper investigates the determinants of tourists' expenditure by categorizing tourists based on their mental budgets. Individuals can be divided into three categories based on the difference between their mental budget and actual expenditure: underspenders, on-budget spenders, and overspenders. Estimation of the empirical model is performed based on data collected through a survey of visitors to the Christmas Market in Merano, Italy during Advent in 2011. The estimation is performed with the Heckman estimator, ordered probit selection rule, and linear regression. We find that the spending patterns of visitors belonging to the three identified categories differ significantly. Analyzing visitors’ expenditure based on the proposed categorization allows us to identify category-specific factors and develop management strategies for each category. The managerial and theoretical implications of the results are discussed. |
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| Keywords: | Tourists' expenditure Mental budget Shopping plans Christmas market Heckman estimator with ordered-Probit selection rule C31 L83 M31 |
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