Sellers, RicardoNicolau, Juan Luis2022-01-132022-01-132021-07-221096-3480http://hdl.handle.net/10919/107595Visitor 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.21 page(s)application/pdfenIn CopyrightSocial SciencesHospitality, Leisure, Sport & Tourismsatisfactionexpenditurewineryloss aversionprospect theoryLOSS AVERSIONTOURISTSSEGMENTATIONINVOLVEMENTEXPERIENCEDECISIONORIGIN1503 Business and Management1504 Commercial Services1506 TourismArticle - Refereed2022-01-13https://doi.org/10.1177/10963480211031407Nicolau Gonzalbez, Juan [0000-0003-0048-2823]1557-7554