The cruise industry has experienced rapid growth, particularly in the Asia-Pacific region. Value for money is a crucial factor influencing passenger choices and loyalty. While previous research has examined aspects of cruise passenger experience and satisfaction, few studies have comprehensively explored the determinants of perceived value for money, especially considering different market segmentations (standard, premium, and luxury). This study addresses this gap by analyzing a large dataset of online cruise reviews to identify key factors influencing perceived value for money and to understand how these factors differ across market segments. The study aims to provide actionable insights for cruise companies to improve their offerings and enhance passenger satisfaction.

The concept of value for money has been widely studied across various fields, often defined as the ratio of product performance or quality to price. However, in tourism, the concept is more complex, encompassing perceived value and a trade-off between various elements. Previous research in tourism has linked value for money to satisfaction and revisit intentions. While some studies have investigated factors affecting tourist experiences in general, few have focused specifically on the cruise industry and the interaction between market positioning and value perception. This study addresses this gap by drawing upon existing literature on value for money, customer satisfaction, and cruise tourism to establish a comprehensive framework for understanding the key factors influencing perceived value in the cruise context.

This study utilized data from Cruise Critic, a prominent online review platform. Data extraction focused on ocean cruise lines, categorized into standard, premium, and luxury segments based on factors such as service level, price, ship size, and onboard experience. Over 160,000 initial data points, including review texts and attribute scores (embarkation, cabin, dining, entertainment, service, fitness, activities, public rooms, and shore excursions), along with physical attributes (ship size and launch year), were collected. Data cleaning resulted in a final sample of 97,559 reviews. The methodology involved three key analytical approaches: 1. **Content Analysis:** NVivo software was used to analyze the word frequency in the review texts to identify cruise attributes that passengers prioritize. 2. **Regression Analysis:** SPSS was used to perform stepwise regression analysis to determine the relationship between cruise attributes (both experiential and physical) and perceived value for money. This was done for the overall sample and separately for each market segment (standard, premium, luxury). 3. **Multi-group Comparison:** Amos software was employed to conduct multi-group path analysis to assess whether the influence of specific cruise attributes differed significantly across the three market segments. This involved comparing unrestricted and restricted models with the same structural form but different parameter estimates for each segment. The chi-square difference test was used to determine significant differences.

The study yielded several key findings: 1. **Overall Impact of Attributes:** Regression analysis revealed that all nine experiential attributes significantly and positively influenced passengers' perceived value for money. Ship size also had a positive effect, whereas launch year (newness) showed a negative correlation, suggesting that newer ships may not always represent better value. Overall, the model explained 69.8% of the variance in perceived value for money. 2. **Segment-Specific Analysis:** The regression analyses conducted separately for each market segment (standard, premium, luxury) showed similar patterns. All nine experiential attributes consistently showed positive significant effects on perceived value for money across all segments. However, the influence of ship size and launch year varied. For standard and premium cruises, ship size had a positive impact while launch year had a negative impact. Interestingly, in the luxury segment, neither ship size nor launch year had a statistically significant effect on perceived value for money. 3. **Multi-group Comparison:** The multi-group comparison revealed significant differences in the magnitude of the effects of specific attributes across different market segments. Several attributes, particularly experiential ones (activities, dining, public rooms, service, fitness, cabin, embarkation), showed significantly different influences when comparing standard to premium, standard to luxury, and premium to luxury segments. For example, for standard cruises, attributes like activities and dining exhibited stronger effects on perceived value than in premium cruises. The differences highlighted the varying importance of specific attributes based on the target market and brand positioning.

The findings demonstrate the importance of experiential attributes in shaping cruise passengers' perception of value for money, regardless of market segment. While physical attributes like ship size contribute to the overall experience, their influence is moderated by market segment. The negative relationship between launch year and perceived value for money in standard and premium segments suggests that pricing strategies for newer ships may require careful consideration. The lack of significant effects for physical attributes in luxury cruises further reinforces the importance of intangible elements such as service and unique experiences in this market. This study's findings directly address the research questions by demonstrating the significant influence of both experiential and physical attributes on perceived value for money, while highlighting the moderating role of market segmentation. The practical significance of the study lies in providing clear guidance for cruise companies to allocate resources effectively and improve their service offerings to better meet the expectations and preferences of their target markets.

This study contributes to the cruise tourism literature by comprehensively examining the factors influencing passenger perceptions of value for money, considering different market segments. Key findings highlight the paramount importance of enhancing experiential attributes and adapting pricing strategies according to market positioning. Future research could explore the influence of individual passenger characteristics on perceived value, expand the analysis to include other cruise types (e.g., river cruises), and investigate the long-term effects of value-enhancing initiatives on passenger loyalty and revenue generation. Further qualitative studies could offer deeper insights into the formation and mechanisms of perceived value for money among cruise passengers.

The study's reliance on online reviews from a single platform (Cruise Critic) limits generalizability. The sample, while large, may not fully represent all cruise passengers' demographics and travel preferences. The selection of variables was constrained by the available data. Future studies could benefit from incorporating data from multiple sources and utilizing a wider range of variables to increase the robustness and scope of findings.