Conceptual Model and Hypotheses
The model for this study rests on the conceptual underpinnings of generational cohort analysis. The model is also grounded in established theories of travel decision making. These theories describe travel choice as a multistage sequential process, involving complex decision heuristics to satisfy multiple travel needs (Choi et al. 2012). Accordingly, the model draws on value-expectancy theory to explain how consumers form value associations with travel experiences (Andereck, McGehee, Lee, and Clemmons, 2012) and how these associations influence their attitude and intention to purchase travel. The conceptual model (presented in Figure 1) has 10 observable and three latent constructs. The observable constructs include formative referents, mass media
referents, interpersonal referents, normative referents, emotional value, novelty value, value for money, quality, attitude, and intention. The latent constructs include informational referents, hedonic value, and functional value. The following sections describe the theoretical rationale for this model and present the study’s hypotheses.