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Journal of Travel Research
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Examining the Antecedents of Brand Loyalty from an Investment Model Perspective

Xiang (Robert) Li

University of South Carolina

James F. Petrick

Texas A&M University

The primary purpose of this study is to theoretically identify the key determinants of brand loyalty. Based on the investment model in social psychology, this article suggests that customers'attitudinal loyalty to a brand is weakened by the quality of alternative options but strengthened by their satisfaction with, and investment in, the brand. An online panel survey was conducted, and the data supported all hypothesized relationships. Collectively, satisfaction, quality of alternatives, and investment accounted for more than 74% of the variance in attitudinal loyalty. The findings suggest that the investment model may lend a theoretical foundation to the explanation of tourists'brand loyalty formation.

Key Words: investment model (IM) • brand loyalty • satisfaction • quality of alternatives • investment size • cruise • tourism

This version was published on August 1, 2008

Journal of Travel Research, Vol. 47, No. 1, 25-34 (2008)
DOI: 10.1177/0047287507312409
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Journal of Travel Research, November 1, 2009; 48(2): 245 - 258.
[Abstract] [PDF]