Abstract
ABSTRACT Existing studies on the price–satisfaction relationship in the tourism industry are limited, particularly those examining the causality in the restaurant industry. This study examines the effect of price on guest satisfaction based on a sample of 439 customers in 8 Taiwanese Michelin-starred restaurants during the period of January 2022 to April 2022. Theories suggest two opposite price effects on satisfaction: the positive price effect represents the signal of expected quality while the negative price effect is associated with the guests’ perception of sacrifice. The empirical results indicate an inverted U-shaped impact of the restaurant price on food satisfaction but the price does not affect service and physical environment satisfaction. Moreover, the restaurant price–food satisfaction relationship could be affected by the moderating influence of the star rating system to become a U-shaped function (for one-starred restaurants).
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