8th International Thematic Monograph – Modern Management Tools and Economy of Tourism Sector in Present Era

How do Accommodation Prices Affect Tourism in Slovakia? Own Price and Cross Price Elasticity of Demand in the Regions of Slovakia​

Elena Hošková   –   Institute of Economics and Management, Faculty of Economics and Management, Slovak University of
Agriculture in Nitra, Tr. A. Hlinku č.2, 949 76 Nitra, Slovakia
Martin Richter –   Institute of Economics and Management, Faculty of Economics and Management, Slovak University of
Agriculture in Nitra, Tr. A. Hlinku č.2, 949 76 Nitra, Slovakia
Iveta Zentková   –   Institute of Economics and Management, Faculty of Economics and Management, Slovak University of
Agriculture in Nitra, Tr. A. Hlinku č.2, 949 76 Nitra, Slovakia

​​DOI:     ​https://doi.org/10.31410/tmt.2023-2024.93
​

8th International Thematic Monograph –   Modern Management Tools and Economy of Tourism Sector in Present Era, Belgrade, 2023/2024,   Published by:  Association of Economists and Managers of the Balkans in cooperation with the Faculty of Tourism and Hospitality, Ohrid, North Macedonia;   ISSN 2683-5673,  ISBN  978-86-80194-81-3 ;  Editors:  Vuk Bevanda, associate professor, Faculty of Social Sciences, Belgrade, Serbia;   Snežana Štetić, full time professor, The College of Tourism, Belgrade, Serbia,   Printed by:  SKRIPTA International, Belgrade  
Abstract:   The chapter aims to determine the impact of accommodation pric­es on the demand for accommodation in individual regions of the Slovak Re­public. The data for the analysis were drawn from the Statistical Office of the Slovak Republic for the period January 2017 to June 2023 from individual re­gions of the Slovak Republic. Regression analysis was used. The results showed that the most visited regions are Bratislava, Žilina and Prešov regions with very significant seasonality. The forecast assumed that seasonality would be main­tained into the next period. The estimated regression functions of demand showed that the quantity demanded for accommodation responds statistical­ly significantly to its price, especially in the Nitra region, and demand is price elastic here. According to the coefficients of the cross-price elasticity of de­mand, accommodation in the Trenčín region was a substitute for accommo­dation in other regions in the period under consideration. The analysis showed that the demand for accommodation is influenced not only by the tourist at­tractiveness of the area but also by the price of accommodation.​

Keywords:   Accommodation demand; Price; Own price elasticity; Cross price elasticity

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