The purpose of this study was to apply the theory of experience economy(Pine & Gilmore, 1998) to 2012 Yeosu Expo, an international exposition recognized by the International Exhibitions Bureau (BIE) held in Yeosu, South Korea. To this end the relation...
The purpose of this study was to apply the theory of experience economy(Pine & Gilmore, 1998) to 2012 Yeosu Expo, an international exposition recognized by the International Exhibitions Bureau (BIE) held in Yeosu, South Korea. To this end the relationships between expo visitors` experience, perceived value, and satisfaction were analyzed using structural equation modeling(SEM). Specifically, the experience of Expo was categorized with four main factors(4Es); entertainment experience, education experience, esthetic experience, and escape experience. This study examined how these factors affect Expo`s functional value and emotional value which in turn, have an effect on Expo satisfaction. The results indicate that esthetic experience and entertainment experience were important predictors of Expo`s perceived value. Specifically, it was found that emotional value was influenced by entertainment experience and esthetic experience while functional value is affected by only esthetic experience. Lastly, functional value and emotional value had a significant effect on a visitor`s satisfaction. Theoretical implications associated with the results were discussed along with future research suggestions. These results indicates that the perceived value of the Yeosu Expo plays an important role to mediate 4Es of Yeosu Expo and satisfaction. Therefore, in order to increase Yeosu Expo visitors` satisfaction, practitioners needs to develop various programs to emphasize particularly entertainment and esthetic experience while considering equally four realms of experience(i.e., entertainment, education, esthetic, and escape experience). Furthermore, practitioners should provide visitors with worth pleasure and fun compared to monetary costs for visiting Yeosu Expo in that perceived values have a positive effect on visitors` satisfaction.