PETŘÍČEK, Martin and Štěpán CHALUPA. Consumer Behaviour in the Accommodation Services Market – a Comparison of Vienna, Bratislava and Prague in 2018. Comparative Economic Research. Central and Eastern Europe. Łódź University Press, 2021, vol. 24, No 2, p. 137-153. ISSN 1508-2008. Available from: https://dx.doi.org/10.18778/1508-2008.24.16.
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Basic information
Original name Consumer Behaviour in the Accommodation Services Market – a Comparison of Vienna, Bratislava and Prague in 2018
Name (in English) Consumer Behaviour in the Accommodation Services Market – a Comparison of Vienna, Bratislava and Prague in 2018
Authors PETŘÍČEK, Martin and Štěpán CHALUPA.
Edition Comparative Economic Research. Central and Eastern Europe, Łódź University Press, 2021, 1508-2008.
Other information
Type of outcome Article in a journal
Confidentiality degree is not subject to a state or trade secret
Organization unit University College Prague – University of International Relations and Institute of Hospitality Management and Economics, Ltd.
Doi http://dx.doi.org/10.18778/1508-2008.24.16
Keywords in English accommodation service, consumer behaviour, price elasticity, Vienna, Bratislava, Prague
Tags International impact, Reviewed
Changed by Changed by: doc. Ing. Martin Petříček, Ph.D., učo 14750. Changed: 30/6/2021 18:53.
Abstract
The paper aims to compare three accommodation services markets using empirical data from more than 250 accommodation facilities in specific destinations (Vienna, Bratislava, Prague). The data are available on a daily basis, but the resulting comparison is then performed on a monthly basis within 2018. The comparison is performer based on three basic criteria – occupancy, average daily rate and an indicator of price elasticity of demand. Price elasticity is measured using a log‑log regression analysis. The key findings of the comparison are as follows: (1) The Vienna and Prague markets are similar in terms of occupancy and coefficient of price elasticity. In contrast, the Bratislava market showed statistically significant differences from the other two markets in all the criteria under review. (2) The Bratislava market operates at a significantly lower price range compared to the other markets analysed. In the long term, this market has also been lower in the field of occupancy. (3) The markets in Vienna and Prague respond more dynamically to changes in consumer behaviour by changing prices. (4) The so‑called “November Phenomenon” has been identified, where all indicators in all markets behave unconventionally. (5) All markets have in common the fact that they have shown price‑inelastic demand over the long term, and at the turn of the year, they all face Giffen’s paradox.
Abstract (in English)
The paper aims to compare three accommodation services markets using empirical data from more than 250 accommodation facilities in specific destinations (Vienna, Bratislava, Prague). The data are available on a daily basis, but the resulting comparison is then performed on a monthly basis within 2018. The comparison is performer based on three basic criteria – occupancy, average daily rate and an indicator of price elasticity of demand. Price elasticity is measured using a log‑log regression analysis. The key findings of the comparison are as follows: (1) The Vienna and Prague markets are similar in terms of occupancy and coefficient of price elasticity. In contrast, the Bratislava market showed statistically significant differences from the other two markets in all the criteria under review. (2) The Bratislava market operates at a significantly lower price range compared to the other markets analysed. In the long term, this market has also been lower in the field of occupancy. (3) The markets in Vienna and Prague respond more dynamically to changes in consumer behaviour by changing prices. (4) The so‑called “November Phenomenon” has been identified, where all indicators in all markets behave unconventionally. (5) All markets have in common the fact that they have shown price‑inelastic demand over the long term, and at the turn of the year, they all face Giffen’s paradox.
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