Economics of Experiential Consumption In a Rural Heritage Destination

Abstract

As markets evolve in the era of the experience economy, experiences have become more meaningful and are an essential part of tourism. Several studies have found that higher expenditures are a positive outcome of a successful and satisfying tourism experience. The purpose of this study is to examine the economic potential of staged experiential offerings in a rural community: Wickenburg, Arizona, a typical western mining and ranching heritage community with a thriving tourism economy. A content analysis of the community's official tourism website and attraction websites, and an onsite survey of visitors are the primary data sources. The results indicate that somewhat moderate demand exists for experiential consumption. They also reiterate the crossover significance of emotional and cognitive attributes and support the cognitive theory of emotions. This study contributes to the existing body of knowledge and suggests that emotional and cognitive aspects of experiential consumption should be considered simultaneously for their economic value.