A Systematic Review of the Relationship Between Perceived Value and Customer Loyalty: Evidence, Gaps, and Future Directions

Objective: In today’s competitive and saturated markets, customer loyalty is recognized as a source of sustainable competitive advantage, necessitating a deep understanding of the mechanisms that shape it. Perceived value is a key construct in explaining customer behavior; however, empirical evidence regarding the nature of its relationship with customer loyalty remains fragmented and occasionally contradictory. This study aims to systematically synthesize theoretical and empirical literature from the past decade (۲۰۱۵–۲۰۲۵), dissecting the relationship between perceived value and customer loyalty, with a specific focus on the home appliances industry. Methodology: This study employs a Systematic Literature Review (SLR) approach to synthesize theoretical and empirical evidence from the past decade. A comprehensive search was conducted across five reputable databases (Scopus, Web of Science, ProQuest, Emerald, and ScienceDirect) using structured keywords related to perceived value and customer loyalty. Strict inclusion and exclusion criteria were applied to ensure the quality and relevance of the selected peer-reviewed articles. Given the heterogeneity of the data and the exploratory nature of the research, a structured narrative synthesis was utilized to qualitatively analyze the findings. Data were coded and categorized based on dimensions of value, loyalty, and mediating/moderating variables to identify latent patterns, contextual nuances, and research gaps. Findings: The analyses indicate that the relationship between perceived value and customer loyalty is not linear or direct; rather, it is multi-stage, mediated, and context-dependent. The findings suggest that while functional value is a necessary condition for market survival, it does not alone lead to deep attitudinal loyalty, having been relegated to the status of a hygiene factor. In contrast, emotional value and social value act as primary drivers of sustainable loyalty and resilience against competitors. Furthermore, mediating variables, particularly satisfaction and especially trust, play critical linking roles in transforming perceived value into loyal behavior. Cultural context (collectivist vs. individualist) and industry type (traditional vs. smart) serve as moderating variables, altering the intensity and direction of these effects. Conclusion: Managers should move away from a single-dimensional focus on price and technical quality and prioritize multi-dimensional strategies based on experience creation and trust building. Future research requires longitudinal studies and exploration of new dimensions such as ethical value and digital experience within smart ecosystems.

کلیدواژه ها:

Perceived Value ، Customer Loyalty ، Home Appliances Industry ، Brand Trust