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- Consumer value can be affected by family and also environment. The construct of consumer value has widely been considered to play a significant role in the success, competitive advantage and long-term success of a business, and is the basis of all marketing activities. Research has shown that the most important factor of repurchase intentions is consumer value, where value stems from positive consumer shopping experiences from retailers. The emergence of consumer value research began in the 1980s, with the 1990s and 2000s being a time of clear growth and a generation of key insights for marketing academics. The definition of consumer value has long remained unclear due to the nature of the construct, its characteristics and its conceptualisation. There are various definitions of consumer value in literature, however, an overall recurring theme is that consumer value is a trade-off between a consumer’s ‘benefits and sacrifices’ when making a consumption choice. In academic literature, researchers have widely considered Morris Holbrook’s definition of value as a core element of a consumer’s consumption experience, to be a pioneer in consumer value research. Holbrook's typology of values include efficiency, excellence, status, esteem, play, aesthetics, ethics and spirituality. Valerie Zeithaml’s value conceptualisation as an individual’s assessment of a product’s utility based on what they have given and what they have received, has also been utilised by multiple researchers since. Consumer value literature has seen more multi-dimensional approaches than one-dimensional approaches, however researchers agree that two dimensions can be distinguished from them, where one is functional in nature, and the other is emotional in nature. Researchers have developed their own scales and approaches to the consumer value conceptualisation, in which as many as eight dimensions have been seen in literature. (en)
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