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Keeping Mental Budgets: Visitors' Spending at a Christmas Market

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  • Juan Gabriel Brida
  • Oksana Tokarchuk

Abstract

One of the main concerns of tourism managers lies in stimulating tourists' spending at their destinations. Numerous studies investigating the determinants of tourists' expenditure limit their investigation to the actual expenditure of tourists. This paper extends the existing literature on tourists' spending by introducing mental accounts theory. Mental budgets set the limit on the expenditure on a particular category of goods in order to avoid overspending in situations in which a rational approach to spending is not possible. The authors apply this theory to a case of visitors' spending at a Christmas market in Merano. Data were analysed with the Heckman selection model to understand the determinants of mental budgets and the actual spending of visitors and to study how well their intentions are met by their real behaviour. The findings of the paper indicate that the mental budget is an important component for the analysis of tourists' expenditure.

Suggested Citation

  • Juan Gabriel Brida & Oksana Tokarchuk, 2015. "Keeping Mental Budgets: Visitors' Spending at a Christmas Market," Tourism Economics, , vol. 21(1), pages 67-82, February.
    • Handle: RePEc:sae:toueco:v:21:y:2015:i:1:p:67-82
    DOI: 10.5367/te.2014.0437
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    References listed on IDEAS

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    Cited by:

    1. Brida, Juan Gabriel & Meleddu, Marta & Tokarchuk, Oksana, 2017. "Use value of cultural events: The case of the Christmas markets," Tourism Management, Elsevier, vol. 59(C), pages 67-75.
    2. Mayer Marius & Vogt Luisa, 2016. "Economic effects of tourism and its influencing factors: An overview focusing on the spending determinants of visitors," Zeitschrift für Tourismuswissenschaft, De Gruyter, vol. 8(2), pages 169-198, November.
    3. Brida, Juan Gabriel & Tokarchuk, Oksana, 2017. "Tourists' spending and adherence to shopping plans: The case of the christmas market in Merano, Italy," Tourism Management, Elsevier, vol. 61(C), pages 55-62.
    4. Qiu, Shangzhi & Wu, Laurie & Yang, Yanjia & Zeng, Guojun, 2022. "Offering the right incentive at the right time: Leveraging customer mental accounting to promote prepaid service," Annals of Tourism Research, Elsevier, vol. 93(C).

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