“…The role of mood and sentiment in individuals' spending behavior has been widely examined in the economics and psychology literature (Nofsinger, 2005;Weber & Johnson, 2009) and is acknowledged as an important determinant of many economic aspects, ranging from consumer expenditure (Carroll, Fuhrer, & Wilcox, 1994;Ludvigson, 2004) to stock market returns (Baker & Wurgler, 2006). Tourism studies offer some evidence that consumer sentiment and mood relate to national tourism demand (Yap & Allen, 2011) and the way tourists evaluate hospitality services (Sirakaya, Petrick, & Choi, 2004). Motivated by this line of research, this paper investigates the spillover effects of shocks to mood and sentiment on US outbound tourism to all destinations.…”