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on Tourism Economics |
| By: | Marcus Roller |
| Abstract: | In this study, I provide a location choice model incorporating five pre-crisis determinants for tourists' destination choice to study the impact of these determinants on the resilience of tourism. The determinants are the kind of destination (rural vs. urban), the pre-crisis origin country specific attractiveness of the destination, the infrastructure size, the density, and the local culture. I estimate the effect of these determinants on the recovery of hotel overnight stays during the COVID-19 pandemic in Switzerland. I find that urban areas had an up to 75% percent lower recovery level. Half of this difference is due to their pre-crisis specific attractiveness for international tourists. This implies that a miss-match between long-run local touristic capital and domestic demand preferences prevents destinations from substituting the missing international tourists with domestic tourists. While infrastructure size affects the resilience ambiguously, density weakens the resilience in cities. Culture does not play a role if there are no local COVID-19 policies. |
| Keywords: | Tourism, COVID-19, resilience, structure, estimation |
| JEL: | Z3 R12 H12 |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:rdv:wpaper:credresearchpaper39&r= |
| By: | Elisa Guglielminetti (Bank of Italy); Michele Loberto (Bank of Italy); Alessandro Mistretta (Bank of Italy) |
| Abstract: | The spread of Covid-19 and the related containment measures practically halted tourism flows, which in many countries generate a significant share of GDP. By exploiting Airbnb data covering the main tourist destinations in Europe, we investigate the impact of the pandemic on the market for short-term rentals up to early 2021. We find that the epidemic dramatically reduced both the supply of apartments available for rent and customers’ demand, up to 9 months ahead. Accommodation more exposed to foreign tourism was the hardest hit and owners reacted by cutting prices with results that were mainly driven by government-mandated restrictions. All in all, our findings point to a relevant but uneven impact of Covid-19 on the accommodation sector. |
| Keywords: | Covid-19, Airbnb, tourism, travel activities, lockdown |
| JEL: | L83 L85 R20 R30 Z30 |
| Date: | 2022–07 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1379_22&r= |
| By: | Asensi Descals-Tormo (Department of Applied Economics, Universitat de València (Spain)); Jose Ramon Ruiz-Tamarit (Department of Economic Analysis, Universitat de València (Spain) & IRES/LIDAM, UCLouvain) |
| Abstract: | We propose a model for the tourism sector assuming basically two markets, one for tourist services and the other for accommodation. These sub-markets are considered as separate but interrelated. The nature of the feedback is determined by a vertical complementarity between tourist services and lodging. We obtain the optimal solution of the tourist choice problem, the primary demand for tourist services and the derived demand for overnight stays. Then, we focus on the equilibrium outcomes assuming perfectly competitive tourism markets. We don’t address the externalities caused by tourism activities. Consequently, we move away from efficiency by introducing a tax on overnight stays and inspecting the consequences for the competitiveness and for producers’ revenues in each market. The answer key elements are, apart from reservation prices, the direct and cross price elasticities of demand for tourist services. The study of structural parameters extends and completes our analysis of tourism. |
| Keywords: | Complementarity, Elasticity, Preferences, Tax, Tourism |
| JEL: | D11 H2 Z3 |
| Date: | 2022–07–27 |
| URL: | http://d.repec.org/n?u=RePEc:ctl:louvir:2022018&r= |