Facet-based analysis of vacation planning processes: a binary mixed logit panel model

This article documents the design and results of a study on vacation planning processes with a particular focus on aggregate relationships between the probability that a certain facet of the vacation decision has been decided at a particular point in time, as a function of lead time to the actual trip, life cycle characteristics, income, travel experience, and any other facet already being decided. A binary mixed logit panel model was formulated and estimated to examine the assumed relationships. The Dutch Continuous Vacation panel was used to collect the data. Results indicate that the closer to the actual date of the trip, the higher the probability of a facet being planned. Moreover, vacation facets are planned at different points in time. We also found differences in the level of planning for different life cycle groups, levels of income, and travel experience. A discussion of the limitations of the study and possible future research directions completes the article.