Question

One of the biggest non-monetary costs for hospitality customers is ____________.

Answer 1

One of the biggest non-monetary costs for hospitality customers is time.

What is  non-monetary costs?

• When a buyer purchases a product, he not only spends money, but also other resources.
• These are referred to as non-monetary expenses, and they include time, convenience, effort, and psychological costs.
• Economists have recently come to understand that consumers make other trade-offs in order to receive goods and services in addition to paying a monetary price.
• As a result, demand is influenced by other expenses in addition to the monetary price.
• The idea of non-monetary expenses has grown in significance in social marketing.
• Non-monetary costs are another type of sacrifice that customers feel when they purchase and use a service.

Learn more about non-monetary costs here:

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