What drives customers’ willingness to pay price premiums for luxury gastronomic experiences at michelin-starred restaurants?
By Kiattipoom Kiatkawsin, Heesup Han. International Journal of Hospitality Management, 2019
150 citations recorded by the source corpus.
Abstract This study developed a study model to unearth the influences of the symbolic manifestation of luxury service consumption. During an extensive cross-disciplinary literature review process, other variables such as the snob effect, bandwagon effect and hedonic effects were identified as influencing prestige consumption. Moreover, gastronomic involvement and knowledge were also proposed to explain customers’ willingness to pay a price premium for a luxury gastronomic experience. 373 effective samples were subjected to structural equation analysis. Michelin-starred restaurant patrons in Korea were chosen to represent luxury restaurant customers. The results supported all but one of the hypotheses. The final dependent variable, willingness to pay a premium price, was explained by 57.1% of the total variance. Gastronomic involvement accounted for an astonishing 95.3% of the total variance explained. The findings of this study show important evidence that patronizing luxury restaurants can be a representation of success and has a strong interpersonal influence.
Subfields: Marketing, Organizational Behavior and Human Resource Management
View Paper: https://www.semanticscholar.org/paper/ea5b4b85f89f31e786024582e35d48178bc828ff
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Citations in the corpus
- Tourist-Perceived Quality and Loyalty Intentions towards Rural Tourism in China (2020, background): “The most common categorization includes three dimensions: revisitation, recommendation or positive word-of-mouth, and willingness to pay a premium [23,25,33,34].”