How Does Perceived Value Affect Travelers' Satisfaction and Loyalty?

Abstract

Although value is regarded as one of the means by which marketers can build their core competence, in previous research in the tourism field only the effect of travelers' overall perception of value on their attitude and behavior has been addressed. By analyzing data from a survey conducted with Mainland Chinese outbound tourists, we examined the effects of travelers' perceptions of quality value, emotional value, price value, and experiential value on their satisfaction and loyalty towards destinations. The results showed that both emotional value and quality value had strong positive influences on travelers' satisfaction and loyalty in an outbound tourism setting, and that the emotional value played the greatest role. The experiential value had a significant impact on travelers' loyalty. These findings provide tourism managers with insights into how to improve travelers' satisfaction and loyalty by means of adding value.

Experience Value, Satisfaction and Loyalty of International Tourists in Shanghai: A PLS-SEM Analysis

“…In accordance with other studies (e.g. Yang et al, 2014;Sweeney and Soutar, 2001;Williams and Soutar, 2009;Yuan and Wu, 2008;Oliver, 1993), emotional value has the strongest significance on satisfaction and loyalty among the respondents, confirming the hedonic nature of the tourism experience. The indirect effect of social value on satisfaction, and loyalty through experience value, is in line with what was stated in other works (e.g.…”

“…Finally, price value had the lowest effect on satisfaction and loyalty (total effect = 0.079; 0.071). This may be because international tourists considered public transportation and dining services to be relatively inexpensive thus providing good value for the money spent, while the most important attractions in the city are quite expensive, or as we mentioned before, because price value is more important during the traveling decision process rather than in the traveling process itself (Yang et al, 2014).…”

“…Functional value has been a key component when referring to consumer satisfaction (e.g. Yang et al, 2014;William and Soutar, 2009). We therefore hypothesize that:…”

The effect of perceived value on behavioural intentions

“…Several studies show that variables such as perceived value, perceived quality, perceived price, perceived sacrifice, functional value, emotional value, or social value are utilised in order to identify the factors that affect consumers' behavioural intentions (Kashyap and Bojanic, 2000;Wang et al, 2004;Tsai, 2005;Hansen, Samuelsen and Silseth, 2008;Roig, Garcia and Tena, 2009;Wang, 2014;Yang et al, 2014;Albayrak, Caber and Comen, 2016). However, there is a little empirical research with a clear focus on the relation between perceived value and behavioural intentions in a multidimensional perspective.…”

“…However, there is a little empirical research with a clear focus on the relation between perceived value and behavioural intentions in a multidimensional perspective. Various studies determine that perceived product or service quality, quality value, functional value, and utilitarian value which indicate the quality, performance, effectiveness or convenience of the product or service, have a positive effect on consumers' satisfaction, repurchase, word of mouth, and recommendation intentions, or loyalty (Gallarza and Saura, 2006;Molinari, Abratt and Dion, 2008;Shukla, 2010;Han and Hwang, 2013;Yang et al, 2014;Dedeoglu, Balikcioglu and Kucukergin, 2015). On the other hand, it is decided that perceived price, perceived sacrifice or non-monetary sacrifices, and perceived risk have a negative effect on satisfaction, repurchase intention, or loyalty (Kashyap and Bojanic, 2000;Chaohui, Lin and Qiaoyun, 2012;Chiu et al, 2014;Xu, Peak and Prybutok, 2015).…”