Review Article
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Year 2023, Volume: 27 Issue: 4, 304 - 311, 01.12.2023

Abstract

The critical role of experiential value in long-term relationships with consumers in the service
industry is well accepted. However, individual evaluations of experiential value are likely impacted
by psychological factors unrelated to the service providers. This study investigates the hindering
impact of opportunity cost-related regret on consumers’ value assessment and revisit intention
in a restaurant setting. The paper also examines the impact of financial constraints in developing
regret of expenditures for experiences. A mixed-mode survey was conducted in Turkey, 323 valid
responses were obtained, and a path analysis was conducted. The results provided additional
empirical evidence regarding the strong relationship between experiential value and restaurant
revisit intention. More importantly, opportunity cost-related regret was found to impair experiential value significantly, although its direct negative impact on revisit intentions was not confirmed.
Furthermore, findings revealed that consumers who feel more financially constrained feel more
regret after their expenditure on a meal experience, regardless of their monthly income and meal
price. Findings provide insights for service providers to understand consumers’ reactions, especially in financially constrained situations.

References

  • Andersson, T. D., & Mossberg, L. (2004). The dining experience: Do restaurants satisfy customer needs? Food Service Technology, 4(4), 171–177. [CrossRef]
  • Becker, S. W., Ronen, J., & Sorter, G. H. (1974). Opportunity costs-an experimental approach. Journal of Accounting Research, 12(2), 317–329. [CrossRef]
  • Bui, M., Krishen, A. S., & Bates, K. (2011). Modeling regret effects on consumer post‐purchase decisions. European Journal of Marketing, 45(7/8), 1068–1090. [CrossRef]
  • Chang, Y. P., Gao, Y., & Zhu, D. H. (2015). The impact of product regret on repurchase intention. Social Behavior and Personality: An International Journal, 43(8), 1347–1360. [CrossRef]
  • Chen, H. B., Yeh, S. S., & Huan, T. C. (2014). Nostalgic emotion, experiential value, brand image, and consumption intentions of customers of nostalgicthemed restaurants. Journal of Business Research, 67(3), 354–360. [CrossRef]
  • Haghpour, B., Sahabeh, E., & Halvari, H. (2022). Opportunity cost in consumer behavior: Definitions, operationalizations, and ambiguities. International Journal of Consumer Studies, 46(5), 1942–1959. [CrossRef]
  • Han, W., Jiang, W., Tang, J., Raab, C., & Krishen, A. (2022). Indirect customer-to-customer interactions and experiential value: Examining solo and social diners. International Journal of Contemporary Hospitality Management, 34(5), 1668–1691. [CrossRef]
  • He, Z., Wu, L., & Li, X. R. (2018). When art meets tech: The role of augmented reality in enhancing museum experiences and purchase intentions. Tourism Management, 68, 127–139. [CrossRef]
  • Holbrook, M. B. (1994). The nature of customer value: An axiology of services in the consumption experience. Service Quality, 21(1), 21–71.
  • Holbrook, M. B. (1999). Introduction to consumer value. Consumer Value: A Framework for Analysis and Research, 1–28.
  • Holbrook, M. B., & Hirschman, E. C. (1982). The experiential aspects of consumption: Consumer fantasies, feelings, and fun. Journal of Consumer Research, 9(2), 132–140. [CrossRef]
  • Jin, N., Lee, S., & Huffman, L. (2012). Impact of restaurant experience on brand image and customer loyalty: Moderating role of dining motivation. Journal of Travel and Tourism Marketing, 29(6), 532–551. [CrossRef]

Assessing the Impacts of Opportunity Cost-Related Regret on Experiential Value and Revisit Intention in a Restaurant Setting

Year 2023, Volume: 27 Issue: 4, 304 - 311, 01.12.2023

Abstract

Hizmet sektöründe tüketicilerle uzun süreli ilişkilerin inşası için deneyimsel değerin kritik bir role
sahip olduğu iyi bilinen bir gerçektir. Ancak, bireylerin deneyimsel değer algılarının hizmet aldıkları
işletme ile ilişkisi olmayan bazı psikolojik faktörlerden etkilenmesi olasıdır. Bu çalışmada restoran bağlamında, tüketicilerin fırsat maliyetine bağlı yaşadığı pişmanlığın deneyimsel değer algıları
ve tekrar ziyaret etme niyeti üzerindeki zayıflatıcı etkileri araştırılmıştır. Çalışmada aynı zamanda
tüketicilerin hissettikleri finansal kısıtların deneyim harcamalarından duydukları pişmanlığı nasıl
etkilediği incelenmiştir. Türkiye’de karma yöntemle hazırlanan anketler yardımıyla veri toplanmış,
323 geçerli yanıt alınmış ve hipotez testi için yol analizi uygulanmıştır. Sonuçlar, deneyimsel değer
ile restoranı tekrar ziyaret etme niyeti arasında güçlü bir ilişkinin bulunduğuna dair ek ampirik
deliller sunmuştur. Daha da önemlisi, fırsat maliyetine bağlı pişmanlığın, tekrar ziyaret niyetleri
üzerindeki doğrudan olumsuz etkisi doğrulanamasa da deneyimsel değeri önemli ölçüde zayıflattığı bulunmuştur. Ayrıca bulgular, finansal açıdan daha kısıtlı hisseden tüketicilerin, aylık gelirleri ve yemek fiyatlarından bağımsız olarak, yemek deneyimi için yaptıkları harcamalardan dolayı
daha fazla pişmanlık duyduklarını ortaya çıkarmıştır. Bulgular, hizmet işletmelerine, özellikle finansal kısıtların daha yoğun hissedildiği dönemlerdeki tüketici tepkilerini anlama noktasında katkı
sağlamaktadır.

References

  • Andersson, T. D., & Mossberg, L. (2004). The dining experience: Do restaurants satisfy customer needs? Food Service Technology, 4(4), 171–177. [CrossRef]
  • Becker, S. W., Ronen, J., & Sorter, G. H. (1974). Opportunity costs-an experimental approach. Journal of Accounting Research, 12(2), 317–329. [CrossRef]
  • Bui, M., Krishen, A. S., & Bates, K. (2011). Modeling regret effects on consumer post‐purchase decisions. European Journal of Marketing, 45(7/8), 1068–1090. [CrossRef]
  • Chang, Y. P., Gao, Y., & Zhu, D. H. (2015). The impact of product regret on repurchase intention. Social Behavior and Personality: An International Journal, 43(8), 1347–1360. [CrossRef]
  • Chen, H. B., Yeh, S. S., & Huan, T. C. (2014). Nostalgic emotion, experiential value, brand image, and consumption intentions of customers of nostalgicthemed restaurants. Journal of Business Research, 67(3), 354–360. [CrossRef]
  • Haghpour, B., Sahabeh, E., & Halvari, H. (2022). Opportunity cost in consumer behavior: Definitions, operationalizations, and ambiguities. International Journal of Consumer Studies, 46(5), 1942–1959. [CrossRef]
  • Han, W., Jiang, W., Tang, J., Raab, C., & Krishen, A. (2022). Indirect customer-to-customer interactions and experiential value: Examining solo and social diners. International Journal of Contemporary Hospitality Management, 34(5), 1668–1691. [CrossRef]
  • He, Z., Wu, L., & Li, X. R. (2018). When art meets tech: The role of augmented reality in enhancing museum experiences and purchase intentions. Tourism Management, 68, 127–139. [CrossRef]
  • Holbrook, M. B. (1994). The nature of customer value: An axiology of services in the consumption experience. Service Quality, 21(1), 21–71.
  • Holbrook, M. B. (1999). Introduction to consumer value. Consumer Value: A Framework for Analysis and Research, 1–28.
  • Holbrook, M. B., & Hirschman, E. C. (1982). The experiential aspects of consumption: Consumer fantasies, feelings, and fun. Journal of Consumer Research, 9(2), 132–140. [CrossRef]
  • Jin, N., Lee, S., & Huffman, L. (2012). Impact of restaurant experience on brand image and customer loyalty: Moderating role of dining motivation. Journal of Travel and Tourism Marketing, 29(6), 532–551. [CrossRef]

Details

Primary Language Turkish
Subjects Social Work (Other)
Journal Section Research Articles
Authors

İnci DURSUN

Ebru TÜMER KABADAYI This is me

Elif ARALIK

Publication Date December 1, 2023
Published in Issue Year 2023 Volume: 27 Issue: 4

Cite

APA DURSUN, İ., TÜMER KABADAYI, E., & ARALIK, E. (2023). Assessing the Impacts of Opportunity Cost-Related Regret on Experiential Value and Revisit Intention in a Restaurant Setting. Current Perspectives in Social Sciences, 27(4), 304-311.

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