As already mentioned, the perceived value forms part of the
cognitive model that seeks to explain consumer satisfaction
(Oliver, 1980). Satisfaction is the sensation or feeling
generated by both cognitive and emotional aspects of the
goods and services (Oliver, 1997). The positive relation
between value and satisfaction has been highlighted in a range
of purchase or consumer contexts (De Ruyter et al., 1997;
Babin et al., 2007). Thus, when the perceived value of a gift
is higher, recipient satisfaction will also be higher. Recipients
may experience more satisfaction the greater the financial
sacrifice made in acquiring the gift, the greater the gift’s
functionality, the more symbolic it is, the greater the self-
identity it expresses and the greater the gift’s utility as an
instrument of social expression. Therefore, we have the
following hypothesis.