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Hedonic value of Italian tourism supply: comparing environmental and cultural attractiveness

Author

Listed:
  • Valter di Giacinto

    (Bank of Italy)

  • Giacinto Micucci

    (Bank of Italy)

Abstract

This paper provides an empirical evaluation of the main determinants of hotel prices in the Italian tourism industry. We pool information from two datasets: i) a database on hotel prices and attributes based on the Touring Club Italia Guide and providing information on about 1,100 hotels located in almost 300 towns in the entire Italian coastal region; and ii) a set of neighbourhood characteristics indicators that assess local environmental quality and artistic and cultural attractiveness. On the basis of the results of a hedonic analysis of hotel price differentials, we show that tourists place a high value on both marine environmental quality and local access to artistic and cultural amenities. The contribution to consumer utility is sizeable in both cases, but that of artistic and cultural amenities appears to be more stable across seasons. On the whole, our results suggest that the widespread availability of an extraordinarily rich artistic and cultural endowment, as is the case of Italy, may strongly complement environmental attributes in supporting the non-price competitiveness of the coastal tourism industry.

Suggested Citation

  • Valter di Giacinto & Giacinto Micucci, 2014. "Hedonic value of Italian tourism supply: comparing environmental and cultural attractiveness," Temi di discussione (Economic working papers) 975, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:wptemi:td_975_14
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    File URL: http://www.bancaditalia.it/pubblicazioni/temi-discussione/2014/2014-0975/en_tema_975.pdf
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    References listed on IDEAS

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    Cited by:

    1. de la Peña, Mario Raúl & Núñez-Serrano, Juan A. & Turrión, Jaime & Velázquez, Francisco J., 2016. "Are innovations relevant for consumers in the hospitality industry? A hedonic approach for Cuban hotels," Tourism Management, Elsevier, vol. 55(C), pages 184-196.
    2. Gabriella Berloffa & Francesca Modena & Paola Villa, 2014. "Changing Labour Market Opportunities for Young People in Italy and the Role of the Family of Origin," Rivista italiana degli economisti, Società editrice il Mulino, issue 2, pages 227-252.
    3. Castellano, Rosalia & Chelli, Francesco M. & Ciommi, Mariateresa & Musella, Gaetano & Punzo, Gennaro & Salvati, Luca, 2020. "Trahit sua quemque voluptas. The multidimensional satisfaction of foreign tourists visiting Italy," Socio-Economic Planning Sciences, Elsevier, vol. 70(C).

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    More about this item

    Keywords

    tourism; environment; artistic and cultural attractiveness;
    All these keywords.

    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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