The nexus of tourism spending with economic performance: A panel data analysis for the Eurozone area

Anagnostou, Ageliki; Ekonomou, George; Kallioras, Dimitris

doi:10.5937/gp25-29541

Cited by 7 publications

(4 citation statements)

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“…Hence, there is a need to investigate how spending is evolving in the tourism sector. Simultaneously, we should consider tourism spending not only as a pure macroeconomic factor but as a (or the) key determinant that may create positive externalities and multiplicative effects in a country's economy in terms of sustainability [55].…”

Section: Datamentioning

confidence: 99%

Can Business and Leisure Tourism Spending Lead to Lower Environmental Degradation Levels? Research on the Eurozone Economic Space

Halkos

Ekonomou

2023

Sustainability

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This study aims to investigate the impacts and identify the causal links between tourism expansion and the environment among countries of the Eurozone from 1996 to 2019 in the context of the environmental Kuznets curve (EKC). To achieve this end, we used a new set of untested tourism proxies when elaborating the EKC. We disaggregated the tourism phenomenon and highlighted its heterogenous nature by including specific and high-impact market segments such as business and leisure tourism spending as well as capital investment spending. The research findings indicate the pivotal role that tourism proxies have on environmental degradation in terms of greenhouse gas emissions (GHGs). Specifically, the identified reciprocal causalities between leisure and investment spending and environmental degradation suggest some complementarities between these variables. In the case of business tourism spending, an increase (decrease) in this variable leads to an increase (decrease) in environmental degradation. The last two feedback hypotheses indicate that the primary and final energy consumption Granger cause GHGs and vice versa. Such a result offers evidence for incorporating the concept of energy efficiency in tourism. Practical implications should motivate supply and demand dimensions within the tourism system to improve efficiency in tourism flow management. The supply side should transfer the environmental message to visitors to spend wisely and consume smarter, whereas the demand side should perform pro-environmental behavior by spending wisely and acting responsibly at destinations.

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Section: Datamentioning

confidence: 99%

Can Business and Leisure Tourism Spending Lead to Lower Environmental Degradation Levels? Research on the Eurozone Economic Space

Halkos

Ekonomou

2023

Sustainability

Self Cite

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“…The concept of WTP should be considered not merely as a monetary variable in the tourism category but as a critical factor that can have multiplicative effects on a destination's performance. In other words, visitors' WTP should be seen as a determining factor that may generate positive externalities and multiplicative effects in destination economies [89].…”

Section: Literature Reviewmentioning

confidence: 99%

Tourist Preferences for Revitalizing Wellness Products and Reversing Depopulation in Rural Destinations

Ekonomou,

Kallioras,

Menegaki

et al. 2023

Sustainability

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Wellness tourism is a growing segment that destinations can rely on to increase tourism flows and revive underdeveloped rural areas. This study elicits tourists’ preferences for wellness tourism products and the redevelopment of a wellness destination in a depopulated rural area. The research included 595 participants in Central Greece using on-site, face-to-face surveys. The survey data were analyzed using a two-step process. First, conjoint analysis was applied to determine the combination of wellness tourism product attributes that maximize visitors’ utility. In the second step, we elicited visitors’ willingness to pay (WTP) for improvements in tourism product attributes using the contingent valuation method. The findings indicate that the combination of attributes that maximizes the preference structure of respondents includes time of visit from September to October, duration of visit from 1 to 7 days, wellness tourism as the primary purpose of the visit, and wellness activities that contain both physical activities and training as well as spiritual and emotional enhancement. Using binary logistic regression, the analysis indicates that respondents are willing to pay EUR 47.33 per visit on average further to develop wellness tourism products in the study area. Empirical results confirmed that sustainability issues, quality, and entrepreneurship factors positively impact visitors’ WTP for revitalizing wellness products. In contrast, a longer duration of stay in the area and respondents’ age negatively impact their WTP. These findings suggest that structuring a customer-driven tourism product will enhance the rural destination’s efforts to attract high-yield visitors and advance the rural economy. Furthermore, practical implications reveal that Destination Management Organizations will benefit from research results to foster targeted management plans.

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“…For every 1% growth in tourist arrivals in the Western Balkans, GDP grows by 0.08% per capita [41]. Consumption growth in the business and recreational tourism sectors has a direct impact on GDP and employment [2]. The increase in the number of tourists also requires former Yugoslav countries to adjust the offer to their expectations; the adjustment would also result in an improvement in the economic effects expressed in these countries' GDP [12].…”

Section: Restaurant Sector In the Countries Of Former Yugoslaviamentioning

confidence: 99%

Influence of Tripadvisor reviews on guest satisfaction with restaurants in major cities of former Yugoslavia

Živadinović¹

2022

Ekonomika preduzeća

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In the era of urban tourism expansion, restaurants in major cities of former Yugoslavia (Belgrade, Zagreb, Ljubljana, Sarajevo, Skopje, Podgorica, which are also the capitals of the newly emerged countries) are very important factors in meeting the needs of tourists. The Internet with specialized websites and social networks provides a wealth of information to potential restaurant visitors. Tripadvisor is one of the most popular hospitality websites that gives its users an insight into past experiences of restaurant customers. Previous research has shown that there is a close relationship between the number of reviews on the website and the financial performance of restaurants. The aim of this paper is to examine the relationship of visitor satisfaction between the mentioned capitals, as well as the trends in the number of reviews and satisfaction over time, including the correlation between the number of written comments and visitor satisfaction via the analysis of ratings and comments left on the Tripadvisor site.

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The nexus of tourism spending with economic performance: A panel data analysis for the Eurozone area

Cited by 7 publications

References 50 publications

Can Business and Leisure Tourism Spending Lead to Lower Environmental Degradation Levels? Research on the Eurozone Economic Space

Can Business and Leisure Tourism Spending Lead to Lower Environmental Degradation Levels? Research on the Eurozone Economic Space

Tourist Preferences for Revitalizing Wellness Products and Reversing Depopulation in Rural Destinations

Influence of Tripadvisor reviews on guest satisfaction with restaurants in major cities of former Yugoslavia

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