Visitor satisfaction has been shown to be a critical determinant of visitor expenditure in wineries. Although the relationship between visitor satisfaction and expenditure in wineries has been investigated in previous literature, we have unearthed potential intricacies that emerge when this relationship is analyzed within the reference dependence framework of prospect theory. To fill this gap, we use segment-based reference points to capture the singularity of winery visitors, and results show that demographics and psychographics confirm reference dependence. When reference points are based on psychographics, loss aversion is confirmed (lowering visitor satisfaction has a greater negative impact on expenditure than the positive impact derived from increasing visitor satisfaction), while diminishing sensitivity is observed for losses (the effect of the variations in visitor satisfaction shifts depending on the distance from the individual’s reference point). Interestingly, when the reference points are obtained through demographics, loss aversion is reversed. Relevant managerial implications are outlined.

游客满意度已被证明是酿酒厂游客支出的关键决定因素。尽管在以前的文献中已经研究了游客满意度和酿酒厂支出之间的关系，但我们发现了在前景理论的参考依赖框架内分析这种关系时出现的潜在复杂性。为了填补这一空白，我们使用基于细分的参考点来捕捉酿酒厂访客的奇异性，结果表明人口统计和心理特征证实了参考依赖性。当参考点基于心理特征时，损失厌恶得到确认（降低游客满意度对支出的负面影响大于提高游客满意度带来的积极影响），同时观察到损失的敏感性降低（游客满意度变化的影响取决于与个人参考点的距离）。有趣的是，当通过人口统计获得参考点时，损失厌恶就会逆转。概述了相关的管理影响。