Transformations  in
Business & Economics

THE RELATIONS BETWEEN CONSUMER PERCEIVED VALUE AND LOYALTY
Regina Virvilaite, Zaneta Piligrimiene, Ausra Kliukaite

ABSTRACT.This study analyses the relationship between the consumer perceived value and customer loyalty. Recent literature defines perceived value as a multidimensional construct; the authors of this article suggest it can be explored through three dimensions: functional, emotional, and social value. Although many authors argue that customer loyalty should be viewed as both attitudinal and behavioural, usually it is not examined within the framework of this classification. This study addresses this gap by exploring the differences in relations between perceived value dimensions and attitudinal and behavioural loyalty. The results of quantitative survey with 211 retail store customers prove the existence of positive relations between three perceived value dimensions and loyalty. However, the results demonstrate that different perceived value dimensions have different effects on loyalty when separately analysing attitudinal and behavioural loyalty. Functional value is shown to have the strongest influence on attitudinal loyalty; meanwhile, emotional value has the strongest influence on behavioural loyalty.

KEYWORDS: consumer perceived value, perceived value dimensions, customer loyalty, attitude loyalty, behaviour loyalty.

JEL classification: M1, M30, M31.