PETŘÍČEK, Martin, Štěpán CHALUPA a Karel CHADT. Identification of consumer behavior based on price elasticity: A case study of the Prague market of accommodation services. Sustainability. MDPI, 2020, roč. 12, č. 22, s. 1-14. ISSN 2071-1050. Dostupné z: https://dx.doi.org/10.3390/su12229452.
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Základní údaje
Originální název Identification of consumer behavior based on price elasticity: A case study of the Prague market of accommodation services
Název anglicky Identification of consumer behavior based on price elasticity: A case study of the Prague market of accommodation services
Autoři PETŘÍČEK, Martin, Štěpán CHALUPA a Karel CHADT.
Vydání Sustainability, MDPI, 2020, 2071-1050.
Další údaje
Typ výsledku Článek v odborném periodiku
Utajení není předmětem státního či obchodního tajemství
WWW URL
Organizační jednotka University College Prague – Vysoká škola mezinárodních vztahů a Vysoká škola hotelová a ekonomická s.r.o.
Doi http://dx.doi.org/10.3390/su12229452
UT WoS 000594609600001
Klíčová slova anglicky price elasticity of demand; consumer behavior; dynamic pricing; hotel demand; Giffen’s paradox
Příznaky Mezinárodní význam, Recenzováno
Změnil Změnil: doc. Ing. Martin Petříček, Ph.D., učo 14750. Změněno: 18. 12. 2020 11:32.
Anotace
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’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.
Anotace 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’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.
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