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The restaurant business in the context of the experience economy: An approach to interpreting customer reviews

Vol. 28, Iss. 11, NOVEMBER 2022

Received: 26 September 2022

Received in revised form: 10 October 2022

Accepted: 24 October 2022

Available online: 29 November 2022

Subject Heading: THEORY OF FINANCE

JEL Classification: G02, L83

Pages: 2422–2443

https://doi.org/10.24891/fc.28.11.2422

Elena A. FEDOROVA Financial University under Government of Russian Federation, Moscow, Russian Federation
ecolena@mail.ru

https://orcid.org/0000-0002-3381-6116

Lyubov' E. KHRUSTOVA Financial University under Government of Russian Federation, Moscow, Russian Federation
lehrustova@fa.ru

https://orcid.org/0000-0002-0884-2734

Subject. This article considers the catering industry as a sphere of the experience economy.
Objectives. The article aims to substantiate the interpretation of the catering industry as a sphere of the experience economy theoretically and empirically.
Methods. For the study, we used a content analysis, aspect analysis, text analysis, the Latent Dirichlet Allocation (LDA) analysis, and systematization of approaches of Russian and foreign authors.
Results. The article presents a systematization of the approaches of domestic and foreign authors to the consideration of the restaurant business in the context of the experience economy and proves the prevalence of the experience economy component over the economic motives for choosing restaurants.
Conclusions and Relevance. The restaurant business can be interpreted as the experience economy sphere. This confirms the need to change the traditional approach to the management of catering outlets. The results obtained can be a theoretical basis for the development of applied management and marketing tools aimed to form the consumer's experience in the catering industry, and can also be used to further conceptualize the experience economy theory in the catering business.

Keywords: experience economy, restaurant business, customer feedback, text analysis, experience

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