Social learning? Conformity? Or comparison? — An empirical study on the impact of peer effects on Chinese seniors' intention to purchase travel insurance

• Published in: Tourism management perspectives 2021-04, Vol.38, p.100809, Article 100809
• Main Authors: Kai, Yang, Zhujun, Kang, Zhijie, Chen, Xiaoting, Sun, Wanyue, Tang
• Format: Article
• Language: English
• Subjects: Comparison; Conformity; Peer effects; Social learning; Travel insurance
• ISSN: 2211-9736; 2211-9744
• DOI: 10.1016/j.tmp.2021.100809

This study aims to explore seniors' consumption behavior characteristics and the impact of peer effects on their intention to purchase travel insurance. The multiple regression analysis of logistic binary categorical variables revealed that peer effects influence seniors' intention to purchase travel insurance through social learning, conformity, and comparisons. Other factors (e.g., spending power, education, and perceived risk) affect such intentions; however, we can control these. We categorized the senior travel-insurance market and pioneered the introduction of peer-effect theory into research. Overall, this study (i) promotes more specialized research into travel-insurance marketing theory; (ii) results in reduced marketing expenditures for this demographic; (iii) result in better targeting/promotion; and (iv) realizes multiplier effects in this domain. •Peer effects influence seniors' intention to purchase travel insurance in three ways.•Tourism products for the elderly can enhance marketing efficiency based on peer effects.•The research conclusions could be used for other countries or regions with similar characteristics.