502 JOURNAL OF HOSPITALITY & TOURISM RESEARCH
indicated that customer satisfaction level increases when price is considered rea-
sonable. The three components of physical environments and price perception
explained 70% of the variance in customer satisfaction.
Finally, the direct effect of price perception and customer satisfaction on
customer loyalty was statistically significant (Hypothesis 8,
β
31
= .24,
t = 2.08,
p
< .05; Hypothesis 9, β
32
= .56,
t = 5.06,
p < .01), supporting Hypotheses 8 and
9. This result was consistent with previous findings that price perception and
satisfaction are significant predictors of customer loyalty (Bolton & Lemon,
1999; Ranaweera & Neely, 2003; Varki & Colgate, 2001). Both price perception
and satisfaction accounted for 59% of the total variance of customer loyalty.
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