This article investigates how the perceived threats caused by COVID-19 affect consumers’ travel choices and actions by influencing their intentions to seek variety. Four studies show that the perceived threat of COVID-19 increases variety seeking in travel choices. Study 1 finds that travelers who perceive a greater threat of COVID-19 tend to undertake more varied activities during their travel. Study 2 shows that the main effect exists only for individuals who have previously visited the destination. Study 3 replicates the moderating effect of previous visiting experience by using a different way to manipulate the perceived threat of COVID-19. Study 4 illustrates the moderating impact of another important factor: the number of travelers included in the companies’ communication messages. The article concludes by discussing the theoretical and managerial implications of the findings.
The sunk‐cost fallacy is a well‐documented cognitive bias in the decision‐making literature. Although the emerging literature on childhood socioeconomic status suggests that early‐life environments shape individuals' decision strategies and have a long‐lasting impact on their decisions, little is known about the impact of childhood socioeconomic status on the sunk‐cost fallacy. Using two different scenarios and an actual choice task, we provide converging evidence that individuals who grew up in resource‐scarce environments (those with lower childhood socioeconomic status) are reluctant to abandon inferior choices merely because they have already invested substantial resources in them, resulting in the sunk‐cost fallacy. This fallacy occurs because individuals with lower childhood socioeconomic status tend to perceive the loss of their prior investments as more wasteful than those with higher childhood socioeconomic status.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.