IDEAS home Printed from https://ideas.repec.org/p/zbw/bubdps/242020.html

Measuring price dynamics of package holidays with transaction data

Author

Listed:
  • Henn, Karola
  • Islam, Chris-Gabriel
  • Schwind, Patrick
  • Wieland, Elisabeth

Abstract

In Germany, package holidays are an important driver of consumer prices. Several challenges arise when measuring the price development of these bundled travel and accommodation services, such as the quality of accommodation and the timing of booking. Statistical practices are currently based on sampling offer prices. By using actual bookings, this paper analyses the possibilities and challenges in compiling a price index out of transaction data for flight package holidays. Our dataset comprises both online bookings and bookings made via stationary travel agencies on a daily basis. The large sample size allows for a disaggregation by individual holiday destination. Several methodological issues such as product definition, the grouping of unstructured text information, and weighting are addressed. Moreover, various index aggregation methods are analysed, which include hedonic regressions, stratification, and also a multilateral index method. Applied to six major holiday destinations for German travellers, all transaction-based methods under consideration exhibit similar price dynamics, pointing to robust results for destinationbased price indicators for package holidays.

Suggested Citation

  • Henn, Karola & Islam, Chris-Gabriel & Schwind, Patrick & Wieland, Elisabeth, 2020. "Measuring price dynamics of package holidays with transaction data," Discussion Papers 24/2020, Deutsche Bundesbank.
    • Handle: RePEc:zbw:bubdps:242020
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/216750/1/1696784832.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Robert Hill, 2011. "Hedonic Price Indexes for Housing," OECD Statistics Working Papers 2011/1, OECD Publishing.
    2. Nagengast, Arne J. & Bursian, Dirk & Menz, Jan-Oliver, 2021. "Dynamic pricing and exchange rate pass-through: Evidence from transaction-level data," European Economic Review, Elsevier, vol. 133(C).
    3. repec:wbk:wbpubs:17280 is not listed on IDEAS
    4. Jan de Haan & Frances Krsinich, 2018. "Time Dummy Hedonic and Quality‐Adjusted Unit Value Indexes: Do They Really Differ?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 64(4), pages 757-776, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nagengast, Arne J. & Bursian, Dirk & Menz, Jan-Oliver, 2021. "Dynamic pricing and exchange rate pass-through: Evidence from transaction-level data," European Economic Review, Elsevier, vol. 133(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Darrell Jiajie Tay & Chung-I Chou & Sai-Ping Li & Shang You Tee & Siew Ann Cheong, 2016. "Bubbles Are Departures from Equilibrium Housing Markets: Evidence from Singapore and Taiwan," PLOS ONE, Public Library of Science, vol. 11(11), pages 1-13, November.
    2. Hans Wolfgang Brachinger & Michael Beer & Olivier Schöni, 2018. "A formal framework for hedonic elementary price indices," AStA Advances in Statistical Analysis, Springer;German Statistical Society, vol. 102(1), pages 67-93, January.
    3. Jacek Białek, 2023. "Improving quality of the scanner CPI: proposition of new multilateral methods," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(3), pages 2893-2921, June.
    4. W. Erwin Diewert & Kevin J. Fox, 2020. "Measuring Real Consumption and CPI Bias under Lockdown Conditions," NBER Working Papers 27144, National Bureau of Economic Research, Inc.
    5. Kokot Sebastian, 2017. "Residential Property Price Indices on Small Property Markets," Real Estate Management and Valuation, Sciendo, vol. 25(1), pages 5-18, March.
    6. Eva Ortega & Chiara Osbat, 2020. "Exchange rate pass-through in the euro area and EU countries," Occasional Papers 2016, Banco de España.
    7. Luca D’Acci, 2014. "Monetary, Subjective and Quantitative Approaches to Assess Urban Quality of Life and Pleasantness in Cities (Hedonic Price, Willingness-to-Pay, Positional Value, Life Satisfaction, Isobenefit Lines)," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 115(2), pages 531-559, January.
    8. James Bugden, 2013. "Renovations and the Repeat-Sales House Price Index," Working Papers 2013.08, School of Economics, La Trobe University.
    9. Beck, Günter W. & Carstensen, Kai & Menz, Jan-Oliver & Schnorrenberger, Richard & Wieland, Elisabeth, 2023. "Nowcasting consumer price inflation using high-frequency scanner data: Evidence from Germany," Discussion Papers 34/2023, Deutsche Bundesbank.
    10. W. Erwin Diewert & Chihiro Shimizu, 2026. "Quality adjustment, hedonic regressions and the extension problem," Journal of Productivity Analysis, Springer, vol. 65(3), pages 1-21, September.
    11. Chien-Yuan Sher & Nai-Wei Chen & Yu-Hsi Liu & Ryan H. Murphy, 2021. "The impact of soil-liquefaction information disclosures on housing prices: evidence from Kaohsiung, Taiwan," The Japanese Economic Review, Springer, vol. 72(2), pages 217-241, April.
    12. Mick Silver, 2012. "Why House Price Indexes Differ: Measurement and Analysis," IMF Working Papers 2012/125, International Monetary Fund.
    13. Diewert, Erwin, 2019. "Quality Adjustment and Hedonics: A Unified Approach," Microeconomics.ca working papers erwin_diewert-2019-2, Vancouver School of Economics, revised 14 Mar 2019.
    14. Lavee, Doron & Bahar, Sefi, 2017. "Estimation of external effects from the quarrying sector using the hedonic pricing method," Land Use Policy, Elsevier, vol. 69(C), pages 541-549.
    15. Du The Huynh & Richard B. Peiser, 2016. "From Spontaneous to Planned Urban Development and Quality of Life: the Case of Ho Chi Minh City," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 11(4), pages 1357-1377, December.
    16. Olivier Schöni, 2014. "Asymptotic Properties of Imputed Hedonic Price Indices," SERC Discussion Papers 0166, Centre for Economic Performance, LSE.
    17. Hill, Robert J. & Syed, Iqbal A., 2016. "Hedonic price–rent ratios, user cost, and departures from equilibrium in the housing market," Regional Science and Urban Economics, Elsevier, vol. 56(C), pages 60-72.
    18. J�ssica Fernanda Casta�o Lavado & Miguel �ngel Morales Mosquera, 2015. "Revisi�n Metodol�gica de �ndices de Precios de la Vivienda," Borradores de Economia 13317, Banco de la Republica.
    19. Dardouri Nesrine & Aguir Abdelkader & Smida Mounir, 2025. "Exchange Rate Pass-Through to Domestic Prices: Evidence Analysis of a Periphery Country," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 19(1), pages 1-12.
    20. Cristina ANGHELESCU, 2022. "Shock-dependent Exchange Rate Pass-through into Different Measures of Price Indices in the Case of Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 88-104, October.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:bubdps:242020. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/dbbgvde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.