This study investigated the dimensions of consumer value, perceived value, satisfaction and loyalty among Spanish university students traveling during spring break. It found that perceptions of benefits like efficiency, service quality, play, aesthetics and social value were positively related to perceived value, while costs like price and risk were negatively related. Perceived value positively impacted satisfaction, which positively impacted loyalty. The study showed quality experiences can strengthen value, satisfaction and loyalty more than price policies alone. More research is needed on how demographics and trip characteristics influence perceptual constructs in tourism.

1. Value dimensions, perceived value, satisfaction and loyalty: An investigation of university students’ travel behaviour Presenter: Catherine Wu Instructor: Dr. Pi-Ying Teresa Hsu Date: May 4, 2011 1

2. Citation Martina, G. G. , & Irene, G. S. (2006).Value dimensions, perceived value, satisfaction and loyalty: an investigation of university students’ travel behaviour. Tourism Management, 27, 437-452. 2

3. Contents Introduction I Literature Review II Methodology III Results VI V Conclusions 3

4. Introduction 4

5. Purposes －To investigate the dimensionality of consumer value in a travel-related context, combining positive and negative inputs of value －To explore the relations between consumer perceptual constructs such as perceived value, satisfaction and loyalty 5

6. Contents Introduction I Literature Review II Methodology III Results VI V Conclusions 6

7. Literature Review In the early nineties, several authors interested in service quality recognized that perceived value at the very heart of consumers’ service assessment. (Cronin & Taylor, 1992) 7

8. Literature Review Three waves of conceptual research in the services marketing literature have been recognized : service quality, customer satisfaction and then perceived value. (Cronin et al., 2000) 8

9. Contents Introduction I Literature Review II Methodology III Results VI V Conclusions 9

10. Holbrook’s typology of consumer value 10

11. Analytic Tool Structural Equation Modeling SEM Principal Component Analysis PCA Confirmatory Factor Analysis CFA 11

12. Participant Spanish university students who travel in groups during spring break Participants 274 questionnaires Instrument 23.16 years Age Male 50% Female 50% Gender The Caribbean (40.15%) The Canary Islands (29.56%) European cities (24.09%) Destination 12

13. Contents Introduction I Literature Review II Methodology III Results VI V Conclusions 13

14. Results 14

15. Hypothesis H1: Perceptions of benefits referred to efficiency are positively related to perceived value H6: Perceptions of costs referred to perceived monetary price are negatively related to perceived value H7: Perceptions of costs referred to perceived risk are negatively related to perceived value 15

16. Efficiency Service quality Social value Play Perceived value Loyalty Satisfaction Aesthetics Time & effort spent -0.22 16

17. Hypothesis H1: Perceptions of benefits referred to efficiency are positively related to perceived value H6: Perceptions of costs referred to perceived monetary price are negatively related to perceived value H7: Perceptions of costs referred to perceived risk are negatively related to perceived value 17

18. Hypothesis H2: Perceptions of benefits referred to service quality are positively related to perceived value H3: Perceptions of benefits referred to play are positively related to perceived value H4: Perceptions of benefits referred to aesthetics are positively related to perceived value H5: Perceptions of benefits referred to social value are positively related to perceived value 18

19. Efficiency Service quality Social value 0.25 0.12 Play 0.48 0.55 Perceived value Loyalty Satisfaction Aesthetics Time & effort spent 19

20. Efficiency Service quality 0.19 0.11 Social value Play Perceived value Satisfaction Loyalty Aesthetics Time & effort spent 20

21. Hypothesis H2: Perceptions of benefits referred to service quality are positively related to perceived value H3: Perceptions of benefits referred to play are positively related to perceived value H4: Perceptions of benefits referred to aesthetics are positively related to perceived value H5: Perceptions of benefits referred to social value are positively related to perceived value 21

22. Hypothesis H9: Perceived value is a direct antecedent of customer satisfaction H10: Customer satisfaction is a direct antecedent of customer loyalty 22

23. Efficiency Service quality Social value Play Perceived value Satisfaction Loyalty Aesthetics 0.50 0.45 Time & effort spent 23

24. Hypothesis H9: Perceived value is a direct antecedent of customer satisfaction H10: Customer satisfaction is a direct antecedent of customer loyalty 24

25. Contents Introduction I Literature Review II Methodology III Results VI V Conclusions 25

26. Conclusions This study evidenced that price policies are not always the more prominent for consumers when evaluating tourism experiences. 26

27. Conclusions This study generally found that high quality affects customer value perceptions, strengthen customer satisfaction and intentions to repurchase and to recommend. 27

28. Reflection Address more specific insights into the relations among perceptual constructs in a tourism experience. No information was provided on the effect of demographics and trip characteristics. 28