Determinants of visitors’ expenditure across a portfolio of events

António Almeida and Brian Garrod

Tourism Economics, 2022, vol. 28, issue 8, 2099-2125

Abstract: Destinations are increasingly recognising the advantages of managing their calendar of events as a strategic portfolio. Currently, however, there is no accepted, workable and proven technique for identifying the most efficient variable(s) to employ as a basis for strategic intervention. This study develops a spare regression model, based on the LASSO method, to select an efficient subset of determinants of visitor expenditure across five annual events taking place in Madeira, Portugal. The results indicate that event attendees’ income, length of stay and travel party size are significant determinants of total expenditure across all the events. Adopting strategic measures to influence these variables, if duly implemented at the portfolio level, can enable the cross-leveraging of additional expenditure that would be inaccessible to the destination if the Events were acting independently of one another. This could, in turn, enable the destination to use its events efficiently to enhance its overall competitiveness.

Keywords: cross-leverage; destination; event; expenditure; portfolio; strategy (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations:

Downloads: (external link)
https://journals.sagepub.com/doi/10.1177/13548166211030019 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:28:y:2022:i:8:p:2099-2125

DOI: 10.1177/13548166211030019

Access Statistics for this article

More articles in Tourism Economics
Bibliographic data for series maintained by SAGE Publications ().