Travel decisions are also influenced by cognitive evaluations (Gnoth 1997). The most notable functional value perceptions are the perceived monetary cost of the travel experience relative to what is received—that is, its value for money—and the perceived performance or quality of the experience (Sweeney and Soutar 2001). Thus, tourists make price comparisons, based on expected quality, to avert loss (Nicolau 2012) and maximize benefits (Nicolau & Sellers 2012). On the basis of this conceptualization of perceived value, we propose the following hypotheses: