Perceived Risk and Risk Reduction in Holiday Purchases: A Cross-Cultural and Gender Analysis

Abstract

ABSTRACT This study addressed three under-researched areas of marketing, namely: cultural and gender effects on risk perception and risk reduction in package holiday purchasing using Hofstede's framework. The research identified a list of 43 risk factors and 15 risk reducers which varied significantly between cultures and genders. Cypriot males perceived significantly less risk than Cypriot females. However, across the whole sample, Cypriot respondents perceived more risk than UK respondents. The whole sample findings were in keeping with expectations based on Hofstede's (1980) work, whilst the sub-sample findings were not, raising questions regarding the pace and effect of cultural change. Practical implications for travel marketers are discussed.