Hypotheses
This study seeks to integrate the conceptual underpinnings of generational cohort analysis, which relies on formative referents, with value-expectancy theory (Fishbein and Ajzen 1975). Value-expectancy theory forms the basis of well- accepted behavioral theories, most notably the theory of reasoned action and theory of planned behavior. In turn, these theories form the basis of several tourism decision- making studies (Han, Hsu, and Sheu 2009; Lin and Cai 2012; Sparks and Pan 2009). It is evident that the outcomes consumers anticipate to receive from a travel experience motivates them to travel (Hsu, Cai and Li 2010). According to value-expectancy theory, these beliefs are based on the information available to them. Hence, consumers are rational thinkers that accept “information from others as evidence of reality” (Bearden, Netemeyer, and Teel 1989, p. 474). Evaluation of this information guides individuals’ travel expectations, particularly in the early stages of decision making, for instance, when consumers are choosing a travel destination (Choi et al. 2012). Examples of informational referents are mass media and interpersonal “word-of-mouth” communication (Schiffman et al. 2008). Normative referents, based on how others will perceive the travel decision, also guide travel beliefs (Bearden et al. 1989). Drawing together these notions of informational and normative referents with the conceptual underpinnings of generational theory, we argue that the formative referents manifest in present-day travel decision making positively influence how each cohort approaches the travel decision-making process.