The role of expectations in the consumer satisfaction formation process: Empirical evidence in the travel agency sector

Abstract

Many studies have examined the different components involved in the formation of expectations, as well as the influence expectations may have in the consumer satisfaction process. This paper provides empirical evidence about the formation of expectations, and the relation between expectations, satisfaction and consumer loyalty. We analyse the tourist industry, an important sector in advanced economies, and more specifically the travel agency sector. Using two structural equation models our results demonstrate the importance of 'image' in the expectations formulation process, the direct relationship between expectations and consumer satisfaction, and the close association between satisfaction and consumer loyalty. Finally, several recommendations are suggested for academics and managers.