Antecedents and consequences of perceived customer value in the restaurant industry

Purpose The purpose of this paper is to identify the antecedents of perceived customer value, such as the perceived quality and perceived sacrifices, and the effects on customer satisfaction and customer loyalty (CL) in the restaurant industry. Design/methodology/approach Based on an extensive literature review, a research model and questionnaire were designed. To assess the hypothesised relationships, data were collected in a field survey. Partial least squares regression (a variance-based regression analysis of SEM) was selected to analyse the relationships within the research model. Findings The findings of this study indicate that the perceived monetary sacrifice (PMS) and perceived service quality were found to be antecedents of perceived value (PV), whereas PMS was the major precursor of PV. Further, PV was found to have a substantial influence on customer satisfaction and CL. Originality/value The study provides a better understanding of the price–value–satisfaction–loyalty relationships in the restaurant context in a more holistic sense and recommendations to move this research stream forward.