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The lifestyle economics of small tourism businesses

Morrison, Alison J. and Andrew, Rick and Baum, T.G. (2001) The lifestyle economics of small tourism businesses. Journal of Travel and Tourism Research, 1 (1-2). pp. 16-25. ISSN 1302-8545

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Discussion focusing on the manner in which many small businesses defy models of economic rationality is common in literature. Indeed, the freedom from economic imperatives often associated with large firms is frequently one of the attractions of proprietorship. In this respect, in addition to buying into a means of generating income, a significant number of persons are buying into a certain chosen lifestyle. There can be few sectors where this is as potently illustrated than in the tourism industry, offering as it does an attractive mix of lifestyle, business and investment opportunities. This paper presents a conceptual analysis of the nature, characteristics and impact of small tourism accommodation businesses that could be categorised as lifestyle, the associated economics are investigated in relation to the proprietor's personal utility, and implications for tourism policy are presented.