Previous research addressed the impact of dynamic pricing strategies in different economic sectors. While consumer loyalty towards theme parks received attention, its relationships with consumer trust and value under different dynamic pricing strategies have not been studied. This study investigated the potential influences of different dynamic pricing strategies on the modeled relationships among consumer trust, consumer value, and brand loyalty. A randomized online experiment of six scenarios was developed, sampling 50 theme park visitors in each scenario, and obtaining a usable sample of 286 respondents. The findings revealed that consumers’ overall trust in their favorite theme park, measured by benevolence and competitive trust, positively influenced their overall value perceptions measured by emotional, financial, reputation, and social dimensions. These dimensions had different effects on consumers’ theme park brand loyalty. The multi-group analysis did not show a clear pattern of differences among the different pricing strategies. Theoretical and managerial implications are discussed.
AgagGMEl-MasryAA (2017) Why do consumers trust online travel websites? Drivers and outcomes of consumer trust toward online travel websites. Journal of Travel Research56(3): 347–369.
2.
Alberto de Morais WatanabeEAlfinitoSCurveloICG, et al. (2020) Perceived value, trust and purchase intention of organic food: A study with Brazilian consumers. British Food Journal122(4): 1070–1184.
3.
AufeggerLYanarLDarziA, et al. (2021) The risk-value trade-off: Price and brand information impact consumers’ intentions to purchase OTC drugs. Journal of Pharmaceutical Policy and Practice14(1): 1–13.
4.
AvivYWeiMMZhangF (2019) Responsive pricing of fashion products: the effects of demand learning and strategic consumer behavior. Management Science65(7): 2982–3000.
5.
BiesiadaJ (2019) Ticket shock: theme park companies are turning to dynamic ticket pricing. Travel Weekly41: 15.
6.
BozicB (2017) Consumer trust repair: A critical literature review. European Management Journal35(4): 538–547.
7.
BrunatoMBattitiR (2020) Combining intelligent heuristics with simulators in hotel revenue management. Annals of Mathematics & Artificial Intelligence88(1–3): 71–90.
ChaeHKimSLeeJ, et al. (2020) Impact of product characteristics of limited edition shoes on perceived value, brand trust, and purchase intention; focused on the scarcity message frequency. Journal of Business Research120: 398–406.
10.
ChaiMNKAlpertF (2015) A two-dimensional model of trust–value–loyalty in service relationships. Journal of Retailing and Consumer Services26: 23–31
11.
ChenMChenZ (2015) Recent developments in dynamic pricing research: multiple products, competition, and limited demand information. Production & Operations Management24(5): 704–731.
12.
ChenNGallegoG (2019) Welfare analysis of dynamic pricing. Management Science65(1): 139–151.
13.
ChenXGoodmanSBruwerJ, et al. (2016) Beyond better wine: The impact of experiential and monetary value on wine tourists’ loyalty intentions. Asia Pacific Journal of Tourism Research21(2): 172–192.
14.
ChengQFangLChenH (2016) Visitors’ brand loyalty to a historical and cultural theme park: A case study of Hangzhou Songcheng, China. Current Issues in Tourism19(9): 861–868.
15.
ChiuCMHsuMHLaiH, et al. (2012) Re-examining the influence of trust on online repeat purchase intention: the moderating role of habit and its antecedents. Decision Support Systems53(4): 835–845.
CourtyPDaveyL (2020) The impact of variable pricing, dynamic pricing, and sponsored secondary markets in major league baseball. Journal of Sports Economics21(2): 115–138.
18.
DaiB, 2010. The impact of perceived price fairness of dynamic pricing on customer satisfaction and behavioral intentions: The moderating role of customer loyalty. Doctoral dissertation. http://hdl.handle.net/10415/2217
19.
DelahayeTAcuna-AgostRBondouxN, et al. (2017) Data-driven models for itinerary preferences of air travelers and application for dynamic pricing optimization. Journal of Revenue & Pricing Management16(6): 621–639.
20.
ElmaghrabyWKeskinocakP (2003) Dynamic pricing in the presence of inventory considerations: Research overview, current practices, and future directions. Management Science49: 1287–1309.
21.
FassnachtMUnterhuberS (2016) Consumer response to online/offline price differentiation. Journal of Retailing and Consumer Services28: 137–148.
22.
FaulFErdfelderEBuchnerA, et al. (2009) Statistical power analyses using G*power 3.1: tests for correlation and regression analyses. Behavior Research Methods41: 1149–1160.
23.
ForoudiPCuomoMTForoudiMM (2020) Continuance interaction intention in retailing: relations between customer values, satisfaction, loyalty, and identification. Information Technology & People33(4): 1303–1326.
24.
FuXKangJTasciA (2017) Self-congruity and flow as antecedents of attitude and loyalty towards a theme park brand. Journal of Travel & Tourism Marketing34(9): 1261–1273.
25.
GabrAZHelalAAAbbasyNH (2018) Dynamic pricing; different schemes, related research survey and evaluation. 2018 9th International Renewable Energy Congress (IREC), 1–7.
26.
GarbarinoELeeOF (2003) Dynamic pricing in internet retail: Effects on consumer trustPsychology & Marketing20(6): 495–513.
27.
GarbarinoEMaxwellS (2010) Consumer response to norm-breaking pricing events in e-commerce. Journal of Business Research63(9–10): 1066–1072.
28.
GibbsCGuttentagDGretzelU, et al. (2018) Use of dynamic pricing strategies by Airbnb hosts. International Journal of Contemporary Hospitality Management30(1): 2–20.
29.
GigliottiLMChaseL (2014) A bivalent scale for measuring crowding among deer hunters. Human Dimensions of Wildlife19(1): 96–103.
30.
GiorgioneGCiariFVitiF (2020) Dynamic pricing on round-trip carsharing services: travel behavior and equity impact analysis through an agent-based simulation. Sustainability12(6727): 6727.
31.
GodovykhMMilmanATasciADA (2019) Theme park experience: Factors explaining amount of pleasure from a visit, time allocation for activities, perceived value, queuing quality, satisfaction, and loyalty. Journal of Tourism and Leisure Studies4(2): 1–21.
32.
GolrezaeiNNazerzadehHRandhawaR (2020) Dynamic pricing for heterogeneous time-sensitive customers. Manufacturing & Service Operations Management22(3): 562–581.
33.
GuizzardiAPonsFMEAngeliniG, et al. (2021) Big data from dynamic pricing: A smart approach to tourism demand forecasting. International Journal of Forecasting37(3): 1049–1060.
34.
GuptaADashSMishraA (1982) All that glitters is not green: creating trustworthy eco-friendly services at green hotels. Tourism Management70(2): 155–169.
35.
Gurel-AtayEKahleLR (2019) Consumer Social Values. Routledge, Taylor and Francis Group.
36.
HairJFHultGTMRingleC, et al. (2013) A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). Thousand Oaks, CA: Sage Publications, Incorporated.
37.
HawsKLBeardenWO (2006) Dynamic pricing and consumer fairness perceptions. Journal of Consumer Research33(3): 304–311.
38.
HeoCYLeeS (2009) Application of revenue management practices to the theme park industry. International Journal of Hospitality Management28(3): 446–453.
39.
HongIBChoH (2011) The impact of consumer trust on attitudinal loyalty and purchase intentions in B2C e-marketplaces: intermediary trust vs. Seller trustInternational Journal of Information Management31(5): 469–479.
40.
HultmanMPapadopoulouCOghaziP, et al. (2021) Branding the hotel industry: the effect of step-up versus step-down brand extensions. Journal of Business Research124: 560–570.
41.
JavadiTAlizadeh-BasbanNAsianS, et al. (2019) Pricing policies in a dual-channel supply chain considering flexible return and energy-saving regulations. Computers & Industrial Engineering135: 655–674.
42.
JeongYKimS (2020) A study of event quality, destination image, perceived value, tourist satisfaction, and destination loyalty among sport tourists. Asia Pacific Journal of Marketing and Logistics32(4): 940–960.
43.
JiangKLukSTCardinaliS (2018) The role of pre-consumption experience in perceived value of retailer brands: Consumers’ experience from emerging markets. Journal of Business Research86: 374–385.
44.
JiaoYErtzMJoMS, et al. (2018) Social value, content value, and brand equity in social media brand communities: A comparison of Chinese and US consumers. International Marketing Review35(1): 18–41.
45.
KantspergerRKunzWH (2010) Consumer trust in service companies; a multiple mediating analysis. Managing Service Quality: An International Journal20(1): 4–25.
KiatkawsinKHanH (2019) What drives customers’ willingness to pay price premiums for luxury gastronomic experiences at michelin-starred restaurants?International Journal of Hospitality Management82: 209–219.
48.
KimHLHyunSS (2019) The relationships among perceived value, intention to use hashtags, eWOM, and brand loyalty of air travelers. Sustainability11(22): 6523.
49.
KimMSStepchenkovaS (2018) Examining the impact of experiential value on emotions, self-connective attachment, and brand loyalty in Korean family restaurants. Journal of Quality Assurance in Hospitality & Tourism19(3): 298–321.
50.
KimSYKimJUParkSC (2017) The effects of perceived value, website trust and hotel trust on online hotel booking intention. Sustainability9(12): 2262.
51.
KoYDParkK (2019) Theme park revenue management with a dual admission policy. Asia Pacific Journal of Tourism Research24(9): 865–881.
52.
KonukFA (2018) The role of store image, perceived quality, trust and perceived value in predicting consumers’ purchase intentions towards organic private label food. Journal of Retailing and Consumer Services43: 304–310.
LeeCKahleLR (2019) Social media and values. In: Gurel-AtayEKahleLR (eds) Consumer Social Values. Routledge, Taylor and Francis Group.
55.
LeeJHongIB (2019) Consumer’s electronic word-of-mouth adoption: the trust transfer perspective. International Journal of Electronic Commerce23(4): 595–627.
56.
LeeSIlliaALawson-BodyA (2011) Perceived price fairness of dynamic pricing. Industrial Management & Data Systems111(4): 531–550.
57.
LewisonM (2017) Demand-based pricing in the US theme park industry. International Journal of Leisure and Tourism Marketing5(3): 271.
58.
LimpasirisuwanNDonkwaK (2017) A structural equation model for enhancing online brand community loyalty. International Journal of Behavioral Science12(1): 95–110.
LiuJJoW (2020) Value co-creation behaviors and hotel loyalty program member satisfaction based on engagement and involvement: moderating effect of company support. Journal of Hospitality and Tourism Management43: 23–31.
MalasevskaIHaugomEHinterhuberA, et al. (2020) Dynamic pricing assuming demand shifting: The alpine skiing industry. Journal of Travel & Tourism Marketing37(7): 785–803.
63.
MartínezPRodríguez del BosqueI (2013) CSR And customer loyalty: the roles of trust, customer identification with the company and satisfaction. International Journal of Hospitality Management35: 89–99.
64.
MayerRDavisJSchoormanD (1995) An integrative model of organizational trustThe Academy of Management Review2: 709–734.
MeijerGWLähteenmäkiLStadlerRH, et al. (2021) Issues surrounding consumer trust and acceptance of existing and emerging food processing technologies. Critical Reviews in Food Science & Nutrition61(1): 97–115.
67.
MilmanAOkumusFDicksonD (2010) The contribution of theme parks and attractions to the social and economic sustainability of destinations. Worldwide Hospitality and Tourism Themes2(3): 338–345.
68.
MilmanATasciADA (2018) Exploring the experiential and sociodemographic drivers of satisfaction and loyalty in the theme park context. Journal of Destination Marketing & Management8: 385–395.
69.
MohammedIGuilletBDLawR (2019) Last-minute hotel-booking and frequency of dynamic price adjustments of hotel rooms in a cosmopolitan tourism city. Journal of Hospitality and Tourism Management41: 12–18.
70.
NadeemWAl-ImamyS (2020) Do ethics drive value co-creation on digital sharing economy platforms?Journal of Retailing and Consumer Services55(10): 2095
OliveiraBBCarravillaMAOliveiraJF (2018) Integrating pricing and capacity decisions in car rental: A matheuristic approach. Operations Research Perspectives5: 334–356.
73.
OskamJvan der RestJ-PTelkampB (2018) What’s mine is yours—but at what price? Dynamic pricing behavior as an indicator of airbnb host professionalization. Journal of Revenue & Pricing Management17(5): 311–328.
74.
OzturkABNusairKOkumusF, et al. (2017) Understanding mobile hotel booking loyalty: An integration of privacy calculus theory and trust-risk framework. Information Systems Frontiers19(4): 753–767.
75.
PapanastasiouYSavvaN (2017) Dynamic pricing in the presence of social learning and strategic consumers. Management Science63(4): 919–939.
PırılTRızvanE (2017) A new dynamic pricing model for the effective sustainability of perishable product life cycle. Sustainability9(8): 1330.
79.
PoushnehAVasquez-ParragaAZ (2019) Emotional bonds with technology: the impact of customer readiness on upgrade intention, brand loyalty, and affective commitment through mediation impact of customer value. Journal of Theoretical & Applied Electronic Commerce Research14(2): 90–105.
80.
PriesterRobbertTRothS (2020) A special price just for you: Effects of personalized dynamic pricing on consumer fairness perceptions. Journal of Revenue and Pricing Management19(2): 99–112.
81.
RajaviKKushwahaTSteenkampJ-BEM (2019) In brands we trust? A multicategory, multicountry investigation of sensitivity of Consumers’ trust in brands to marketing-mix activities. Journal of Consumer Research46(4): 651–670.
82.
RajendranKN (2009) Is reference price a fair price or an expected price?Innovative Marketing5(2): 18–29.
83.
Reyes-MenendezACorreiaMBMatosN, et al. (2020) Understanding online consumer behavior and eWOM strategies for sustainable business management in the tourism industry. Sustainability12: 21.
RyanCShih ShuoYHuanT-C (2010) Theme parks and a structural equation model of determinants of visitor satisfaction -- janfusan fancyworld, Taiwan. Journal of Vacation Marketing16(3): 185–199.
89.
SaharanSBawaSKumarN (2020) Dynamic pricing techniques for intelligent transportation system in smart cities: A systematic review. Computer Communications150: 603–625.
90.
SahayA (2007) How to reap higher profits with dynamic pricing. MIT Sloan Management Review48: 53–60.
91.
SchmidtBRMaierE (2020) The effect of privacy choice in cookie notices on consumers’ perceived fairness of frequent price changes. Psychology & Marketing37(9): 1263–1276.
92.
SchmittB (1999) Experiential Marketing: How to get Customers to Sense, Feel, Think, act, and Relate to Your Company and Brands. New York: Free Press.
SharmaVAKleinA (2020) Consumer perceived value, involvement, trust, susceptibility to interpersonal influence, and intention to participate in online group buying. Journal of Retailing and Consumer Services52: 101946
95.
ShenHWuLYiS, et al. (2020) The effect of online interaction and trust on consumers’ value co-creation behavior in the online travel community. Journal of Travel & Tourism Marketing37(4): 418–428.
96.
ShinYHImJJungSE, et al. (2019) Motivations behind Consumers’ organic menu choices: the role of environmental concern, social value, and health consciousness. Journal of Quality Assurance in Hospitality & Tourism20(1): 107–122.
97.
SirdeshmukhSJSabolB (2002) Consumer trust, value, and loyalty in relational exchanges. Journal of Marketing66(1): 15–37.
98.
SweeneyJCSoutarGN (2001) Consumer perceived value: the development of a multiple item scale. Journal of Retailing77(2): 203–220.
TasciADA (2016) A critical review of consumer value and its complex relationships in the consumer-based brand equity network. Journal of Destination Marketing & Management5(3): 171–191.
101.
TasciADA (2018) Testing the cross-brand and cross-market validity of a consumer-based brand equity (CBBE) model for destination brands. Tourism Management65: 143–159.
102.
TasciADA (2019) Holistic theory development in tourism and hospitality: a perspective article. Tourism Review.
103.
TasciADA (2020) A critical review and reconstruction of perceptual brand equity. International Journal of Contemporary Hospitality Management33(1): 166–198.
104.
TasciADAGurbuzAKGartnerWC (2006) Chapter 12: segmented (differential or discriminatory) pricing and its consequences. In: Progress in Tourism Marketing. pp.171–183. Routledge
105.
TorresENMilmanAParkS (2021) Customer delight and outrage in theme parks: A roller coaster of emotions. International Journal of Hospitality & Tourism Administration22(3): 338–360.
VictorJTJeyakumarNRFarkas MariaF (2018) Factors influencing consumer behavior and prospective purchase decisions in a dynamic pricing environment—an exploratory factor analysis approach. Social Sciences (Basel)7(9): 153.
108.
VigliaGMauriACarricanoM (2016) The exploration of hotel reference prices under dynamic pricing scenarios and different forms of competition. International Journal of Hospitality Management52: 46–55.
109.
WangBGaoYSuZ, et al. (2019) The structural equation analysis of perceived product innovativeness upon brand loyalty based on the computation of reliability and validity analysis. Cluster Computing22: 10207–10217.
110.
WangDWalkerTWBarabanovS (2020) A psychological approach to regaining consumer trust after greenwashing: The case of Chinese green consumers. Journal of Consumer Marketing37(6): 593–603.
111.
WangLLawRHungK, et al. (2014) Consumer trust in tourism and hospitality: A review of the literature. Journal of Hospitality and Tourism Management21: 1–9.
112.
WangXFanZ-PLiH (2021) Investigating the discriminatory pricing strategy of theme parks considering visitor’s perceptions. Asia Pacific Journal of Tourism Research26(1): 1–14.
113.
WangXLHeoCYSchwartzZ, et al. (2015) Revenue management: progress, challenges and research prospects. Journal of Travel & Tourism Marketing32(7): 797–811.
114.
WeiWQiRZhangL (2019) Effects of virtual reality on theme park visitors’ experience and behaviors: A presence approach. Tourism Management71: 282–293.
115.
WeissteinFLMonroeKBKukar-KinneyM (2013) Effects of price framing on consumers’ perceptions of online dynamic pricing practices. Journal of the Academy of Marketing Science41(5): 501–514.
116.
WilliamsAMBalážV (2021) Tourism and trust: theoretical reflections. Journal of Travel Research60(8): 1619–1634.
117.
WittmanMDBelobabaPP (2019) Dynamic pricing mechanisms for the airline industry: A definitional framework. Journal of Revenue & Pricing Management18(2): 100–106.
118.
WuHChenJCavusogluM, et al. (2019) The impacts of host photos on consumer purchase probability in P2P short-term rental platform: mediating effect of initial trustAdvances in Hospitality and Tourism Research7(1): 137–158.
119.
WuSLiuQZhangRQ (2015) The reference effects on a retailer’s dynamic pricing and inventory strategies with strategic consumers. Operations Research6: 1320.
120.
WuW-YAnridhoN (2016) The antecedents of brand loyalty: A meta-analysis study. International Journal of Services and Standards11(3): 242–260.
121.
YuMDeboLKapuscinskiR (2016) Strategic waiting for consumer-generated quality information: dynamic pricing of new experience goods. Management Science62(2): 410–435.
122.
ZeithamlVA (1988) Consumer perceptions of price, quality, and value: A means-end model and synthesis of evidence. Journal of Marketing52(3): 2–22.
123.
ZhangYSLiXSuQ, et al. (2017) Exploring a theme park’s tourism carrying capacity: A demand-side analysis. Tourism Management59: 564–578.
