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The reason they are different, of course, is that the EFA solution assumes that every indicator variable is statistically related (correlated) with every factor. In contrast, the SEM solution assumes that the only indicator variables correlated with the factors are those shown linked by an arrow (in fact a much more flexible arrangement for model specification).
Looking to the right side of the diagram, we see that and are negatively associated. This relationship also is weak but significant. We also note that , and are all moderately positively associated with . And, as had been anticipated, and are negatively related in this research, though this relationship is not strong.
To many readers of a Western background, the overall results may seem surprisingly intuitive. and were, indeed, found to be highly associated and in a positive direction. Indeed, this correlation (0.84) is so strong as to suggest these two factors themselves may really be functions of a second-order factor, though the confirmation of this would need further research and are also found to be positively related but more weakly. The correlation between and is weakly positive (0.26) but, nonetheless, statistically significant.
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To build upon our earlier discussion, in the path diagram, latent constructs (unmeasured variables) are shown in ellipses and questionnaire items used to measure these latent constructs ie., measured variables, are shown in rectangles. Arrows pointing from the circles to the rectangles are equivalent to factor loadings in factor analysis. With two exceptions, all loadings were above 0.50. Arrows between the unobserved variables represent correlations among these factors (since correlations are two-way associations, all arrows between the unobserved variables are two-headed).
To recapitulate, fashion conscious OLs are also inclined to be on the spendthrift side and to have a hedonistic streak, though they are not necessarily exceptionally assertive or extroverted. Given these patterns, when vacationing abroad one might expect they would tend to look for an abundance of places to shop, especially for high-priced/fashion goods. Choice restaurants and perhaps nightspots would probably also be considerations for many of them when choosing a travel destination and/or travel package.
Based on the qualitative research and Exploratory Factor Analysis (EFA) of the quantitative results, a number of Structural Equation Models were developed and tested, each of which hypothesised different inter-relationships among the five latent constructs listed above. The path diagram representing the model we consider most meaningful in light of the overall findings of the research is shown in Figure 6.
More conservative or methodical types, on the other hand, would be expected to be less extravagant, fashion conscious and assertive and also less hedonistic. Other results for this survey suggested these young women might, instead, be more inclined to enjoy the local flavour of their destination or simply relax.
The qualitative phase of the research had suggested five principal psychographic factors of relevance to overseas travel experience and tastes. These were:
So far, so good. We have a nice looking picture which (for our example) makes a certain amount of sense in terms of describing the key relationships in a model of market behaviour.
A key objective of this research was to explore personality factors underlying OLs' preferences for overseas destinations and travel arrangements. Consequently, during the interviews, respondents rated themselves on a battery of psychographic items which had been developed through preliminary qualitative research.