“…External factors: These include macroeconomic factors (e.g., economic recessions) (Papatheodorou & Pappas, 2017), environmental pollution (Zhou et al, 2019), vulnerability (Kusune, 2020), and sensitivity of tourism (Falk, 2015) that affect TCE consumption as well as labor income risk (Pereira, 2019), health risks (Carneiro & Euse´bio, 2019), and housing and commercial investment (Bohn, 2015). Some scholars emphasize that family age structure (Bernini & Cracolici, 2015), retirement (Deng et al, 2023), and economic uncertainty (Nguyen et al, 2022) have a significant effect on TCE consumption.…”