Perceived value
Zeithaml (1988) defined perceived value as “the consumer’s overall assessment of the utility of a product based on the perceptions of what is received and what is given”. Perceived value can be analyzed with a single item measure in terms of “value for money” (Sweeney et al 1996). However, many researchers recommended that perceived value be measured by a multidimensional scale (Sweeney and Soutar 2001; Chen 2008, Lee et al 2007). Sweeney and Soutar (2001) even developed a perceived value model, which is named PERVAL. Meng et al (2011) considered non-monetary aspects also in evaluating perceived value in the cruise industry.