Verification of the role of the experiential value of luxury cruises in terms of price premium

Abstract

The purpose of this study is to verify the willingness of customers of luxury cruises to pay for the perception of a well-being component and to pay a price premium based on the experiential value of luxury cruises. The following research objectives are presented and their resolution is subsequently pursued: first, the study distinguishes the various subordinate factors contributing to the experiential value of luxury cruises. Second, it aims to understand these subordinate factors' impact on customers' well-being perception. Third, the study aims to understand whether the customer is willing to pay a price premium based on his or her well-being perception. Fourth, it aims to verify the role of gender in the relationship between the perceived experiential value of luxury cruises and the proposed variables. Seven hypotheses were established to achieve these research objectives. Data collected from 273 luxury cruise customers were used. As a result, five hypotheses were accepted and two were rejected. In conclusion, the theoretical/practical implications that were proposed based on the results of the study are discussed in detail.