Tourism Management 27 (2006) 394–409 Perceived value of the purchase of a tourism product Javier Sa´nchez à , Luı´s Callarisa, Rosa M. Rodrı´guez, Miguel A. Moliner Departamento de Administracio´n de Empresas and Marketing, Universitat Jaume I, Campus del Riu Sec, 12071 Castello´n de la Plana, Spain Received 6 August 2004; accepted 17 November 2004 Abstract Perceived value is a subjective construct that varies between customers, between cultures and at different times. This appreciation conceives perceived value as a dynamic variable, experienced before purchase, at the moment of purchase, at the time of use, and after use. Although post-purchase perceived value has been studied, little research has been done into the measurement of the overall perceived value of a purchase, where the tourist evaluates not only the consumption experience but also the purchase experience. By means of a multi-dimensional procedure, we have developed a scale of measurement of the perceived overall value of a purchase through 24 items grouped into six dimensions: (1) functional value of the travel agency (installations); (2) functional value of the contact personnel of the travel agency (professionalism); (3) functional value of the tourism package purchased (quality); (4) functional value price; (5) emotional value; and (6) social value. r 2005 Elsevier Ltd. All rights reserved. Keywords: Perceived value; GLOVAL; Tourism; Scale of measurement; Cognitive; Affective 1. Introduction Perceived value is a recent line of research that is enjoying increasing attention on the part of marketers (Marketing Science Institute, 2001). This interest stems mostly from the importance given by present-day firms to the creation of value for their different target publics. The creation and transmission of value to tourists has become a competitive advantage of the first order, in environments characterised by globalised competition and by tourists who are more and more demanding (Flagestad & Hope, 2001; Ryan, 2002). Perceived value is a subjective construct in several senses: it varies between customers (Wiksto¨m & Normann, 1994; Parasuraman, 1997), between cultures (Assael, 1995) and at different times (Ravald & Gro¨nroos, 1996). This last appreciation conceives perceived value as a dynamic variable, experienced before purchase, at the moment of purchase, at the time of use, and after use. For each of these moments, the valuation made may be different (Gardial, Clemons, Woodruff, Schumann, & Burns, 1994). Thus at the moment of purchase, the attributes of the tourism product and the price may be determining factors, while during and after use, the consequences and results obtained are the elements valued by the tourist. Although the post-purchase perceived value of a product or of a service has been studied, little research has been done into the measurement of the overall perceived value of a purchase, where the consumer evaluates not only the consumption experience but also the purchase experience. One of the qualitative conclu- sions of this study is that the tourist takes a holistic view of perceived value, i.e. he/she makes an overall post- purchase evaluation, taking into account both aspects relating to the tourism product purchased and those relating to the travel agency where the purchase was made. This is a key valuation for subsequent buying occasions, so the study of it can contribute important information for the marketing decision-making of the travel agency or the tour operator. To this interest is ARTICLE IN PRESS www.elsevier.com/locate/tourman 0261-5177/$ - see front matter r 2005 Elsevier Ltd. All rights reserved. doi:10.1016/j.tourman.2004.11.007 à Corresponding author. Tel.: +34 964728554. E-mail address: jsanchez@emp.uji.es (J. Sa´nchez).