The five E's in festival experience in the context of Gen Y: Evidence form a small island destination
The purpose of this study is threefold. First, to test the experience economy framework in the context of a small island destination (SID) in order to determine if a music festival may be used as an experiential product to lure a cohort replacement. Second, to examine a music festival's experiential domains that may influence the overall experience of Generation Y (Gen Y) tourists. And, third to determine if the overall experience of Gen Y tourists who attend a music festival may predict their behavioral intentions to return to and recommend a SID. The study investigates whether a music festival may be used as an experiential attraction to draw the Gen Y market segment to a SID as a cohort replacement for the baby boomer generation. Structural equation modeling (SEM) is used to test the application of the experience economy framework to a generational cohort's behavioral intentions after the consumption of an experiential product in the context of a SID. The study suggests that in the case of Gen Y it may be necessary to reference economic value as part of the second-order construct for overall experience in order to predict future intentions.