The importance of security for hostel price premiums: European empirical evidence |
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| Institution: | 1. IGOT – Universidade de Lisboa, Edifício IGOT – Rua Branca Edmée Marques, 1600-276 Lisboa, Portugal;2. Universidade da Madeira, Portugal;1. Department of Economics, Accounting and Finance, University of La Laguna, 38071 La Laguna, S/C de Tenerife, Spain;2. Department of Applied Economics and Quantitative Methods University of La Laguna, 38071 La Laguna, S/C de Tenerife, Spain;1. Rosen College of Hospitality Management, University of Central Florida, 9907 Universal Blvd., Orlando, FL 32819, United States;2. School of Tourism and Hospitality Management, Temple University, 1810 N. 13th Street, Speakman Hall 111, Philadelphia, PA 19122, United States |
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| Abstract: | Our aim is to study the impact of hostel guest reviews posted on a consumer-generated website on hostel price premiums. More specifically, we study the effect of guests' ratings of six hostel characteristics—atmosphere, cleanliness, facilities, location, staff and security—on hostel price premiums. Given the importance of security, location and cleanliness to hostel price premiums, we analyse whether the impact of guests' ratings of these three characteristics is higher for hostels in countries with the highest crime indexes. To answer our research questions, we collect data on consumer reviews of 383 hostels in 12 European capitals, which are grouped according to crime level, from Hostelworld.The results show that guests are willing to pay a higher price and/or higher price premium in European countries with the highest crime indexes if a hostel has higher levels of security, cleanliness and location. These findings are consistent with previous studies in other fields. |
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| Keywords: | Pricing Hostel Accommodation Criminality Online reviews |
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