Details

Autor(en) / Beteiligte

• de la Peña, Mario Raúl
• Núñez-Serrano, Juan A.
• Turrión, Jaime
• Velázquez, Francisco J.

Titel

Are innovations relevant for consumers in the hospitality industry? A hedonic approach for Cuban hotels

Ist Teil von

• Tourism management (1982), 2016-08, Vol.55, p.184-196

Ort / Verlag

Elsevier Ltd

Erscheinungsjahr

2016

Link zum Volltext

Quelle

Access via ScienceDirect (Elsevier)

Beschreibungen/Notizen

• This paper evaluates the impact of innovative activity in the hotel industry on the willingness to pay by consumers. To this end, we estimate a hedonic price function where innovation is identified indirectly through certain attributes that previous literature has linked with hotel innovativeness. The test is performed on a representative sample of Cuban hotels, considering a large number of attributes of hotels and rooms. To solve the usual problems of collinearity, a million alternative models are estimated by choosing the variables included in a random manner and obtaining the final coefficients by means of an internal meta-analysis. The results are completed with a variance decomposition analysis. The results highlight the importance of the attributes linked to innovation and internationalization on the determination of room prices in Cuban hotels: membership of international hotel chains, high quality offers, diversified rooms, and adaptability to specific needs of each client. •Consumers are willing to pay more for hotels that show greater innovative activity.•Quality, diversification, customization, and the chain increase the willingness to pay for a hotel room.•An original method for solving the collinearity in hedonic functions with many attributes is proposed.