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Hospitality enterprises’ revival through crowdfunding: a cross-country study


Purpose
The purpose of this study is to suggest a reward-based crowdfunding approach and test customers’ financial contribution behaviour (FCB) as a fundraising strategy for hospitality enterprises.


Design/methodology/approach
To investigate this initiative, a conceptual model motivated by the theory of planned behaviour, integrating economic, emotional, social and altruistic values, perceived risk and electronic word of mouth has been considered. Partial least square structural equation modelling is applied to test the model. Data was collected from 263 respondents across three regions – Europe, Asia and Middle East and North Africa (MENA).


Findings
Findings revealed that attitude, self-efficacy and subjective norm of the customers positively influence their financial contribution intention. Further, Asian customers demonstrate significantly higher FCB in comparison to MENA.


Research limitations/implications
This study will be helpful for the hospitality players to raise the funds during the crisis and survive to pay the reward back to the customers. This study will be helpful to the crowdfunding platforms to understand the factors which influence the contribution behaviour.


Practical implications
The results of this study can encourage hoteliers and other hospitality players looking to approach their funding needs through crowdfunding by providing them a guide to maximise their possibility and level of success.


Originality/value
Hospitality businesses demand new approaches and strategies to keep operating during COVID-19 and post-COVID-19 time. This research is original to provide insights into customer contribution intentions during COVID-19.
