Sentiment, mood and outbound tourism demand

Daniel Santamaria, Mina Dragouni, George Filis, Konstantinos Gavriilidis

Research output: Contribution to journalArticlepeer-review

111 Citations (Scopus)
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We investigate spillover effects from sentiment and mood shocks on US outbound tourism demand from 1996 until 2013. We use the Index of Consumer Sentiment and Economic Policy Uncertainty Index as proxies for sentiment and the S&P500 as a proxy for mood. We find a moderate to high interrelationship among sentiment, mood and outbound tourism demand. More importantly, sentiment and mood indicators are net transmitters of spillover shocks to outbound tourism demand. The magnitude of spillover effects sourced by sentiment and mood is time-varying and depends on certain socio-economic and environmental events. Our results have important implications for policymakers and travel agents in their efforts to predict tourism arrivals from key origin countries and to plan their tourism strategy.
Original languageEnglish
Pages (from-to)80-96
Number of pages17
JournalAnnals of Tourism Research
Early online date17 Jul 2016
Publication statusPublished - Sept 2016
Externally publishedYes


  • Sentiment
  • Mood
  • Spillover effects
  • Economic crisis
  • Economic policy uncertainty
  • US


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