Abstract
This study delves into the dynamics of consumer behavior within a tourist market and the implications for the small business owner. Previous research by the author revealed that tourists may not be very sensitive to price. The purpose of this follow-on qualitative descriptive study was to explore the degree to which purchases were unplanned, the revenue potential of these impulse buys, and the optimal pricing strategies for small businesses operating in such a market. Data was gathered via surveys administered to customers in a retail art gallery located in a tourist district. The intent was to ascertain the nature of their purchases, in terms of impulsivity and price perceptions, to aid the small business owner in implementing revenue maximizing pricing strategies. Understanding consumer behavior in tourist markets allows for more informed financial decisions regarding pricing, marketing, and inventory management, all of which contribute to enhanced profitability and sustainability for small businesses.
Presenters
Dixie ButtonAssociate Professor, Business Administration, Embry-Riddle Aeronautical University-Worldwide, Florida, United States
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
Critical Issues in Tourism and Leisure Studies
KEYWORDS
TOURIST, IMPLUSE BUYING, PRICE, SMALL BUSINESS
