The study also presents a new insight by discovering the moderating role of perceived risk and reciprocity in the relationship between customer satisfaction and continuance intentions. First, the samples were only collected in Korea, and the hospitality businesses were selected based on the researchers recognition of the businesses presence in society. The measurement items by Hamari et al. Our findings provide valuable insights for hospitality businesses participating in the sharing economy. noun. Cryptocurrencys volatility has attracted investors seeking high returns. This article obtained informed consent from all human participants. (2007)s value-based adoption theory to analyze factors of the hospitality businesses participating in the sharing economy and the influence of risk. Social risks are the risks that may arise from a lack of self-identity and social stigma for not properly presenting ones social status (Lee et al., 2021). Cite this article. Performance risks refer to the anxiety about the quality of rental service products (Lee et al., 2021). At 10.24% CAGR, Hospitality Market Size Worth $6716.3 - GlobeNewswire According to Bandura, social cognitive theory classifies human behavior in relation to triadic, reciprocal, and dynamic interaction (Bandura, 2001; Wang et al., 2019). An e-commerce platform thus acts as the intermediary between the seller and consumers to apply guarantees, regulations, safety nets, or other structure (Hong and Cho, 2011). A 7-point Likert type scale (1=strongly disagree, 7=strongly agree) was employed for all the items except for the demographic data (e.g., gender, age, income level). Nature and its ecosystem services are at the center of the hospitality business proposition: from food and beverage offers to guests' enjoyment of natural landscape at a destination. Business News, The Hankyoreh. Hospitality - Characteristics, Nature And Sectors J Hosp Tour Manag 44(2):131142, Lamberton CP, Rose RL (2012) When is ours better than mine? Many previous studies focused on the observational learning aspect of social interaction to understand customer behaviors. But collecting requires commitment, knowledge, and space for storage before beginning. The age groups were distributed quite evenly. With its advantages of enhanced security, reduced costs, and improved accessibility, cryptocurrency has the potential to reshape finance as we know it. Job opportunities offered by the Hospitality industry, The hospitality industry offers numerous job opportunities. The act of freely offering care and compassion to those in need is also known as hospitality. Some nature and characteristics of Hospitality are:- 1. Encouraging social interaction online through personalized chat and review systems, these hospitality businesses participating in the sharing economy generally arouse a high social presence. However, some started to view community belonging as a relational aspect. Meanwhile, another widely recognized coin features the Canadian Maple Leaf on its surface; this one has also gained worldwide renown as one of the purest bullions ever produced. A price is the number of dollars that buyers must sacrifice to acquire a product or service or is defined as the monetary value (dos Santos Silva et al., 2021). Hence, it is very important to take these perceived performance risks into consideration when studying the consumer behavior of the people participating in sharing economy. Thus, a sense of community belonging is known as a major driver of participation in sharing economy (Mhlmann, 2015). Due to the emphasis on the fundamental form of economic distribution in our society, several studies on the sharing economy have investigated customers social behaviors in the sharing economy and their effects on customer satisfaction in using the hospitality businesses participating in the sharing economy (Priporas et al., 2017). This research proposes the following hypothesis: Hypothesis 12: Familiarity in the sharing economy positively influences satisfaction. Travel and tourism is one of the largest sectors of the hospitality industry. Demographic analysis was performed to verify the sample characteristics. Omega 32(6):407424, Giese JL, Cote JA (2000) Defining consumer satisfaction. Cryptocurrencys borderless nature and potential for financial freedom pose challenges to regulatory bodies and policymakers worldwide. J Dev Soc 33(2):175190, Hong I, Cho H (2011) The impact of consumer trust on attitudinal loyalty and purchase intentions in B2C e-marketplaces: intermediary trust vs. seller trust. New York, USA, Flavian C, Guinaliu M, Gurrea R (2006) The role played by perceived usability, satisfaction, and consumer trust on website loyalty. The sharing economy in the hospitality sector: The role of - Nature Despite the productive debate regarding the nature of hospitality and its impli- Social interaction is defined as an exchange between two or more individuals, which is a fundamental component of a society or a social network (Lumen Learning, 2020). Int J Prod Econ 221:107467, Li H, Wen H (2019) How is motivation generated in collaborative consumption: mediation effect in extrinsic and intrinsic motivation. If youre interested in investing in coins as an ongoing venture, bullion or bars offer several advantages over digital currencies. In the hospitality sector, intangible service is anything that cant be seen or touched but can be felt. A result of indirect effect and total effect examination is presented in Table 3. The data was then analyzed through factor analyses, structural equation modeling, and invariance tests. Yet, the sharing economy initiatives have been around for a long time, such as a time-share ownership of vacation properties, ride-sharing arrangements, and the like (Hira and Riley, 2017). Understanding these options is crucial in determining the best course of action for your business. Activity 2. 33.3% of the respondent's annual income fall between $30,000 and $49,000, 28.9% had income below $30,000, 20.1% between $50,000 and $69,000, and 10.3% between $70,000 and $89,000, and 7.4% over $90,000 when converted to US dollars. Then, to examine the convergent validity, the average variance extracted (AVE) values were analyzed. In today's rapidly evolving hospitality industry, hoteliers must recognize the importance of leveraging the latest marketing strategies and tools to thrive amidst fierce competition. J Destin Mark Manag 13:5160, Al-Ansi A, Olya HGT, Han H (2019) Effect of general risk on trust, satisfaction, and recommendation intention for halal food. Collecting and investing in gold coins requires an in-depth knowledge of their value, much like investing in stocks or real estate. (2019) Coworking is about community: but what is community in coworking? Thus, these platform businesses are considered social commerce which is a mixture of shopping and socialization (Wang and Yu, 2017). Mark Lett 16(3-4):415428, Gyimothy S, Dredge D (eds) (2017) Definitions and mapping the landscape in the collaborative economy. (2008) revealed that consumer post-purchase satisfaction is significantly related to e-commerce trust. Since there are many businesses participating in the sharing economy within the hospitality industry, consumers are easily finding affordable options to travel and work. (2021) Cost-effectiveness in health: consolidated research and contemporary challenges. Platforms like Bitmedia.io offer innovative ad formats designed specifically for the cryptocurrency industry. Accessibility and financial inclusion are also significant advantages of cryptocurrency. 73% of the respondents were university degree holders while 11.7% were high school graduates, 10% were from graduate school or higher, and 5.3% were professional college graduates. Nevertheless, the research gap still exists in the hospitality literature in the context of the sharing economy. Focusing on the three categories of hospitality businesses participating in the sharing economy (peer-to-peer accommodations, coworking spaces, and shared kitchens), this research provides a general insight into customers behavioral intentions in the sharing economy in the context of the hospitality industry. Actions such as sharing food, clothes, toys, etc., between siblings and lending unutilized goods to people in need have always been with us in our society. Making the bed every morning for someone staying at your home is an indication of hospitality. (2007), claims that the technology acceptance model (TAM) is limited in explaining acceptance of new technology from customers perspective and measuring cost/sacrifice (Kim et al., 2019). This increased trust in the hospitality businesses participating in the sharing economys service is likely to lead to increased satisfaction. The authors declare no competing interests. The hospitality industry is unique in its nature which tends to be service-oriented and has a strong emphasis on human exchange in the service delivery processes. ISSN 2662-9992 (online), The sharing economy in the hospitality sector: The role of social interaction, social presence, and reciprocity in eliciting satisfaction and continuance behavior, humanities and social sciences communications, https://doi.org/10.1057/s41599-022-01379-y, Humanities and Social Sciences Communications (, http://www.collaborativeconsumption.com/2014/06/25/collaborative-economyservices-changing-the-way-we-travel/, https://www.wework.com/ideas/research-insights/expert-insights/creating-workspace-community, http://creativecommons.org/licenses/by/4.0/. In the hospitality industry, sustainability is also big. (PDF) The Nature of the Hospitality Industry: Present and Future A number of extant studies on e-commerce and consumer behavior investigated the continuance intention of the customers because the continuance intention can be interchangeably seen as a repurchase intention on online shopping platforms. Though there are a lot of collectibles, sometimes the best coinage to keep on hand is plain old, classic pressed bullion. London, UK, Sibona C, Cummings J, Scott J (2017) Predicting social networking sites continuance intention through alternative services. Museums. The idea of acquiring goods and services through a collaborative approach is becoming a significant part of the worlds overall economy. A detailed literature review of the study variables is presented below. (PDF) What is hospitality? - ResearchGate Trust is a vital component of the act of sharing (Song et al., 2019; Hawlitschek et al., 2016; Belk, 2014). A few researchers defined community belonging as a neighborhood attachment creating a social bonding and behavior rootedness (McMillian and Chavis, 1986; Riger and Lavrakas, 1981). The Benefits of Nature-Centered Design in the Hospitality Industry The global hospitality industry, which includes hotels and other types of accommodations, as well as restaurants, bars, casinos, cruise ships, travel agencies, tour operators, and similar organizations, accounted for roughly $4.5 trillion in consumer spending during 2020 (Hospitality Global Market Report, 2020).More broadly, the travel and tourism segments accounted for 10.3% . Tax debt can place a significant strain on any business. A large group of sectors within the service business that includes housing, restaurants, event planning, theme parks, transportation, cruise lines, and other professions, sometimes known as the hospitality industry or tourist industry. Introduction. Coins differ from gold bars by being composed mostly of gold with smaller amounts of silver and copper; typically, bullion contains about 90-92% pure (22 karat) gold content. (2019), cooperative interaction such as reciprocity naturally develops at a very early age and our society is organized around this interaction. Total effect on continuance intention is as follows ( SI=0.630**, SP=0.697**, SUS=0.006, CB=0.129, TR=0.286**, P=0.097, FAM=0.071, ACC=0.385**, SATS=0.917**). S J Bus Res Pract 70(1):2644, Henning-Thurau T, Henning V, Sattler H (2007) Consumer file sharing of motion pictures. From better managing energy and water consumption to eliminating single-use plastics and food waste, the industry is working toward championing responsible business and tourism. 1. This familiarity commonly reduces the uncertainty which exists before a purchase. J Hosp Leis Mark 6(4):3143, Tussyadiah IP (2016) Factors of satisfaction and intention to use peer-to-peer accommodation. Int J Hosp Manag79:5059, Spinuzzi C, Bodroi Z, Scaratti G et al. Int J Hosp Manag 101:103124, Chen SC, Dhillon GS (2003) Interpreting dimensions of consumer trust in e-commerce. This study has made a huge contribution to current knowledge of the sharing economy in the hospitality industry. It explores the effect of QoL on business growth by conducting a survey of 380 SMEs in the Tyrolean hospitality industry (Austria). Working Conditions in Hospitality: Employees' Views of the Additionally, the survey explained that participants personal information would be kept confidential.