Risk Perception and Risk Reduction Strategies in Travel Decisions: A Literature-Based Framework

Risk perception and how it is managed are critical factors in travel decisions, as perceived risk is considered a constraint of travel experiences, and it is vital to alleviate it. Little attempt has been made in conceptualizing the components of risk reduction strategies comprehensively in the tourism literature. The fragmented studies in the literature suggest a more integrated approach to understanding the concept. This paper reviews tourists’ risk reduction strategies and highlights the parallel construction of risk perception and risk reduction strategies in the context of travel decisions. This paper analyzes and summarizes related literature on risk-related constructs focusing on their different components, measurements, and conclusions. This study puts forward the multidimensional risk perception and risk reduction strategies. Since perceived risk involves multiple dimensions, several risk reduction strategies can be broadly classified into information search, financial, physical, time substitution, social, and emotion regulation components. The relationships between tourist risk perception, risk reduction strategies, and travel decisions in a single framework seem rational to provide empirical supports. Risk reduction strategies have the potential to mediate perceived risk and travel decisions. Findings also show different approaches in measuring risk-related constructs, with the quantitative analysis as the commonly used research method.