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The aim of this study was to understand the role of brand prestige in the hotel industry. Based on the existing theoretical background, it was proposed that brand prestige positively affects customer's status value and well-being perception, thus, influencing brand identification and the willingness to pay a price premium. In addition, during this process, materialism was proposed as a moderator. The proposed theoretical relationships were tested by using the empirical data collected from 189 hotel guests in Korea. Data analysis results show that brand prestige significantly affects status value and well-being perception, which lead brand identification and the willingness to pay a price premium. Also, the moderating role of materialism was revealed. The results of study provide valuable implications for hotel managers in making a marketing strategy.