Analysis of the impact of celebrity and influencer marketing on promoting cryptocurrencies in the tourism industry

Jaroslava Gburová, Daniela Matušíková, Andrea Vadkertiová

Article ID: 10697
Vol 8, Issue 16, 2024

VIEWS - 503 (Abstract)

Abstract


This study explores how demographic factors shape perceptions of celebrity and influencer marketing in the context of promoting cryptocurrencies, particularly in the tourism sector. It evaluates whether such marketing strategies effectively promote cryptocurrencies and how their impact varies across demographic groups. By analyzing responses from a sample of 161 predominantly young and educated respondents, the study uses statistical methods to identify differences in perceived marketing effectiveness based on age, gender, and other demographics. Findings reveal no significant demographic differences in effectiveness; instead, the study underscores the importance of universal marketing qualities, such as authenticity, credibility, and relevance. These results suggest the need for inclusive marketing strategies that foster trust and transparency. Additionally, the study highlights avenues for future research, including cultural and ethical considerations, to refine marketing approaches and develop innovative campaigns that drive cryptocurrency adoption and trust in the tourism industry.


Keywords


cryptocurrencies; influencer endorsements; promotion of cryptocurrencies; celebrity marketing; volatility; tourism industry

Full Text:

PDF


References


Auer, R., & Claessens, S. (2018). Regulating cryptocurrencies: assessing market reactions. BIS Quarterly Review September. Agustian, K., Hidayat, R., Zen, A., Sekarini, R. A., & Malik, A. J. (2023). The Influence of Influencer Marketing in Increasing Brand Awareness and Sales for SMEs. Technology and Society Perspectives (TACIT), 1(2), 68-78. https://doi.org/10.61100/tacit.v1i2.54 Bouoiyour, J., Selmi, R., & Wohar, M. E. (2019). Bitcoin: competitor or complement to gold?. Economics Bulletin, 39(1), 186-191. Brauneis, A., & Mestel, R. (2019). Cryptocurrency-portfolios in a mean-variance framework. Finance Research Letters, 28, 259-264. https://doi.org/10.1016/j.frl.2018.05.008 Briere, M., Oosterlinck, K., & Szafarz, A. (2015). Virtual currency, tangible return: Portfolio diversification with bitcoin. Journal of Asset Management, 16, 365-373. https://doi.org/10.1057/jam.2015.5 Deng, N., Shi, Y., Wang, J., & Gaur, J. (2022). Testing the adoption of blockchain technology in supply chain management among MSMEs in China. Annals of Operations Research, 1-20. https://doi.org/10.1007/s10479-022-04856-4 Eichengreen, B. (2019). From commodity to fiat and now to crypto: what does history tell us? (No. w25426). National Bureau of Economic Research. Ferina, N., Sri, G., & Putu, L. (2021). Does Influencer Marketing Really Improve Sustainable Brand Awareness and Sales? Inovbiz: Jurnal Inovasi Bisnis, 9(1), 167. https://doi.org/10.35314/inovbiz.v9i1.1889 Chairunnisa, A., & Dalimunthe, Z. (2021). Indonesian stock’s influencer phenomenon: Did financial literacy on millennial age reduce herding behavior? Jurnal Akuntansi Dan Keuangan, 23(2), 62-68. https://doi.org/10.9744/jak.23.2.62-68 Chaum, D. (1983, August). Blind signatures for untraceable payments. In Advances in Cryptology: Proceedings of Crypto 82 (pp. 199-203). Boston, MA: Springer US. Chohan, U. W. (2019). Are cryptocurrencies truly trustless? Cryptofinance and mechanisms of exchange: the Making of virtual currency, 77-89. https://doi.org/10.1007/978-3-030-30738-7_5 Chopra, A., Avhad, V., & Jaju, and S. (2021). Influencer Marketing: An Exploratory Study to Identify Antecedents of Consumer Behavior of Millennial. Business Perspectives and Research, 9(1), 77–91. https://doi.org/10.1177/2278533720923486 Ismail, S., Nair, R. K., Sham, R., & Wahab, S. N. (2018). Impacts of online social media on investment decision in Malaysia. Indian Journal of Public Health Research & Development, 9(11).https://doi.org/10.5958/0976-5506.2018.01627.3 Jalan, A., Matkovskyy, R., & Urquhart, A. (2021). What effect did the introduction of Bitcoin futures have on the Bitcoin spot market?. The European Journal of Finance, 27(13), 1251-1281. https://doi.org/10.1080/1351847X.2020.1869992 Jalan, A., Matkovskyy, R., & Potì, V. (2022). Shall the winning last? A study of recent bubbles and persistence. Finance Research Letters, 45. https://doi.org/10.1016/j.frl.2021.102162 Jalan, A., Matkovskyy, R., Urquhart, A., & Yarovaya, L. (2023). The role of interpersonal trust in cryptocurrency adoption. Journal of International Financial Markets, Institutions and Money, 83. https://doi.org/10.1016/j.intfin.2022.101715 Koroma, J., Rongting, Z., Muhideen, S., Akintunde, T. Y., Amosun, T. S., Dauda, S. J., & Sawaneh, I. A. (2022). Assessing citizens’ behavior towards blockchain cryptocurrency adoption in the Mano River Union States: Mediation, moderation role of trust and ethical issues. Technology in society, 68, https://doi.org/10.1016/j.techsoc.2022.101885 Kwok, A. O., & Koh, S. G. (2019). Is blockchain technology a watershed for tourism development?. Current Issues in Tourism, 22(20), 2447-2452. https://doi.org/10.1080/13683500.2018.1513460 Melkić, S., & Čavlek, N. (2020). The impact of blockchain technology on tourism intermediation. Tourism: an international interdisciplinary journal, 68(2), 130-143. https://doi.org/10.37741/t.68.2.2 Merkley, K. J., Pacelli, J., Piorkowski, M., & Williams, B. (2024). Crypto-influencers. Review of Accounting Studies, 29(3), 2254-2297, https://doi.org/10.1007/s11142-024-09838-4 Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Satoshi Nakamoto. Nam, K., Dutt, C. S., Chathoth, P., & Khan, M. S. (2021). Blockchain technology for smart city and smart tourism: latest trends and challenges. Asia Pacific Journal of Tourism Research, 26(4), 454-468. https://doi.org/10.1080/10941665.2019.1585376 Rashideh, W. (2020). Blockchain technology framework: Current and future perspectives for the tourism industry. Tourism Management, 80, https://doi.org/10.1016/j.tourman.2020.104125 Rijanto, B. P., & Utami, N. (2024). Financial technology, social media influencers, and experience of cryptocurrency investment decisions: Financial literacy’s role. Jurnal Manajemen Maranatha, 23(2), 201-216. https://doi.org/10.28932/ jmm.v23i2.8717 Thakre, N. K., Navaneetha, T., Bhasin, N. K., Samudrala, K., Rao, V. S., & Karthik, M. (2024, July). Blockchain-enabled Trust and Transparency in Influencer Marketing on Social Media Platforms. In 2024 Third International Conference on Electrical, Electronics, Information and Communication Technologies (ICEEICT) (pp. 1-7). IEEE. Tucker, T. (2013). Bitcoin’s Volatility Problem: Why Today’s Selloff Won’t Be the Last. Bloomberg. Com. Valeri, M., & Baggio, R. (2021). A critical reflection on the adoption of blockchain in tourism. Information Technology & Tourism, 23, 121-132. https://doi.org/10.1007/s40558-020-00183-1 Whitford, A. B., & Anderson, D. (2021). Governance landscapes for emerging technologies: The case of cryptocurrencies. Regulation & Governance, 15(4), 1053-1070. https://doi.org/10.1111/rego.12366 Willie, P. (2019). Can all sectors of the hospitality and tourism industry be influenced by the innovation of blockchain technology?. Worldwide Hospitality and Tourism Themes, 11(2), 112-120. https://doi.org/10.1108/WHATT-11-2018-0077 Xie, Y. (2024). Blockchain Technology and The Future of Tourism: A Critical Analysis of The Positive Impacts of Metaverse on The Tourism Sector. Journal of Smart Cities, 9(1), 30-48. ZachXBT [@ZachXBT]. (2022, April 18). New influencer shill price list leak [Tweet; attached image]. https://twitter.com/zachxbt/status/1516129830873583617



DOI: https://doi.org/10.24294/jipd10697

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Jaroslava Gburová, Daniela Matušíková, Andrea Vadkertiová

License URL: https://creativecommons.org/licenses/by/4.0/

This site is licensed under a Creative Commons Attribution 4.0 International License.