Cultural Differences Reflected in the Experience Economy

Abstract

This study investigated the potential effects of culture on the experience economy in the hospitality and tourism industry by comparing Korean and American consumers. The study investigated patterns in the gain and loss values of service and experience for hospitality and tourism products as well as experiential products for both sets of consumers to explore collectivism and individualism as reflected in perceived monetary values. The study analyzed responses from a sample comprising 543 Korean and 424 American respondents using descriptive analysis, a paired samples t test, and an independent t test. The findings show that Koreans rely on service components, whereas Americans prioritize experience components. These results deepen our understanding of how the experience economy reflects the cultural distinction in terms of ideal affective states and prevention (risk avoiding) and promotion (risk taking) behaviors.