Risk perception prevention for international retirement migration

Abstract

This study attempts to fulfill the research gap concerning perceived risks of international retirement migration toward a tourism destination. The consequences of risk perception have influenced tourist behavior intention (Simpson, Cruz-Milan, & Gressel, 2014). Perceived risks reduction strategy helps to promote a destination image and trust (Cases, 2002; Kim, Qu, & Kim, 2009). Therefore, the research aim for this study is to seek for the answer to how to prevent risk perception for international retirement migration. To achieve the research aim, three research questions have been asked: 1) ‘What is international retirement migration risk perception toward a tourism destination?’ 2) ‘How does risk perception relate to intention to recommend for retirement?’ and 3) ‘How does international retirement migration perceive destination image relate to intention to recommend for retirement?’

Mixed method was employed in this study. A qualitative approach involving face-to-face interview was used to discover IRMs’ risk perception toward a tourism destination. Thirty-three participants who have lived in Thailand for at least three months have mentioned four important risks: physical risk, functional risk, financial risk, and cultural risk. These results were used as a guideline for developing a survey questionnaire in the quantitative study. The two hypotheses are proposed in order to explore how risk perceptions and destination image relate to intention to recommend for retirement. The survey questionnaires were administered to IRMs in Chiang Mai,

Chiang Rai, Bangkok, Hua Hin and Phuket from July to November 2017 and a total of 347 surveys were collected. EFA and CFA were applied in this study for reducing a large number of variables and ensuring the model fit data. Thereafter, a multiple regression technique was performed for hypothesis testing.

The findings propose the conceptual model of destination image development, which involves two key constructs: image enhancement and risk perception. There are two components for image enhancement including destination atmosphere and the uniqueness of food and crafts. In terms of perceived risk, satisfaction risk and communication risk is involved in this conceptual model. This model helps to prevent risk perception and encourage destination image, which supports IRM’s intention to recommend. The conceptual framework developed and tested in this study contributes to new knowledge for risk perception prevention strategy, especially for the IRM market and intention to recommend a foreign destination. This study also provides an understanding of tourism destination image development, including functional attributes and emotional image, which the researcher can adopt as foundation knowledge for creating a pleasant destination and safety/security. The managerial implications are mentioned in this study; for example, the government authorities can use this finding as a guideline for improving safety and security strategy. The government should reconsider issuing a longer duration for the retirement visa/permit in order to retain the IRM market and attract newcomers.