Browsing by Author "Bode, Oana Ruxandra"
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- Price determinants of Porto’s airbnb listingsPublication . Bode, Oana Ruxandra; Ferreira, Fernanda A.; Rus, Veronica; Toader, ValentinNowadays, the important role of the sharing economy in the tourism sector leads to an increase, day by day, in the number of people involved as hosts or guests. Such a dynamic provides for tourists from all over the world a feasible alternative to traditional services, permitting them to customize their trips and to enrich their experiences interacting with locals. Therefore, important platforms like 9Flats, Fairbnb, Airbnb, or Expedia entered the industry. Of these, Airbnb, a pioneer in peer-to-peer accommodation, has become since 2008 the most important player at the global level with a significant influence in the market. The growth of Airbnb platform motivates the present study on the factors influencing the prices established by hosts for their listings in Porto, Portugal. In 2018, Portugal was one of the countries included in the top 10 countries that faced a direct economic impact from Airbnb, the hosts’ income and estimated guests’ spending were $2.3 billion. This paper aims to build a hedonic price model for Airbnb listings in Cedofeita neighbourhood, the city centre of Porto, to identify attributes that influence the room price significantly using WLS regression model. The paper analyses the influence of different categories of factors on the average daily rate (expressed in EUR from a double perspective: before (2019) and during COVID-19 (2020). The categories of variables taken into consideration highlight the listing’s reputation, the listing’s characteristics, the listing’s location, the rental policies, and the hosts’ behaviour. The results of our study showed that Airbnb guests pay more for space, privacy, and quality, the pandemics having no effect on these criteria. The size of the property decreases in impact because of lower demand, while the guests' focus on safety and security decreases the role of rental policies (instant book enabled, cancellation policy) and response time. Guests search for guarantees, trust, and good reputation representing the major criteria used to choose a listing – seniority and superhost status having a higher impact on price during COVID-19 than previously.
- Pricing approaches on Airbnb. The case of 2020 new listings in PortoPublication . Ferreira, Fernanda A.; Toader, Valentin; Rus, Rozalia Veronica; Bode, Oana RuxandraThe COVID-19 pandemic had serious economic effects, forcing businesses to adjust their strategies to survive. The tourism sector was one of the most affected due to the imposed travel restrictions; both traditional units and people providing services to tourists through the sharing economy platforms had to adapt. The objective of this paper is to build a hedonic price model to identify the attributes that significantly influence the price of the room, using the WLS regression model. Despite the general negative trend, there were also hosts who considered that opening a new listing during these times may represent a business opportunity. Therefore, the focus of the article is on newly opened listings on the Airbnb platform during 2020. The approach used included the main categories of variables discussed previously in the literature: listing attributes, listing location, listing reputation, rental policies, and hosts characteristics/involvement. The maximum number of guests accepted in the property, the type of listing, and the availability of air conditioning (AC) and parking represent the main characteristics that influence the prices. Changes in travel behaviour due to increased health and safety concerns made hosts aware that guests are willing to pay more to stay in central locations or in places owned by Superhosts.
- The influence of hotel attributes on room rates: the case of BucharestPublication . Ferreira, Fernanda A.; Bode, Oana Ruxandra; Rus, Rozalia Veronica; Toader, ValentinLocated in the southeast of Romania, Bucharest is the capital and the largest city in the country. Economically, Bucharest is the most prosperous city in Romania. During the last years, this city faced one of the highest growths in the number of hotels. Nowadays, due to the development of Internet-based technologies, the reservation process has changed; travelers can easily get information about the experience of other guests and also compare prices. The aim of the present paper is to analyze how prices for a hotel stay, in the city of Bucharest, can be influenced by some quality signaling factors, as star rating, online consumer’s ratings and the number of consumer’s comments. By using a multiple regression model for 3 to 5-star hotels in Bucharest, we identify, on one hand, the factors that have a positive influence on hotel room rates and, on the other hand, the factors that have a negative impact on the consumer’s willingness to pay. Our main results supply signals to hoteliers concerning the attributes most valuable for consumers which can lead to a higher room rate premium.