Effects of Social Importance and Brand Image on Willingness to Pay More in Value Co-Creation with Customers

Abstract

This research, based on the co-creation value literature, examines the implications for both the brand and the consumer. In this regard, the study aims to contribute to the understanding of the effects of co-creation value, by specifically exploring the dynamics between brand image and greater willingness to pay, how they are influenced by co-creation and social influence, and their combined effects on willingness to pay more. In line with this objective, the data obtained from 430 participants collected through convenience sampling method was included in the analysis. Structural Equation Modeling (SEM) was applied using SmartPLS (v.3.2.9) software for the analysis of the findings. According to the results, it was revealed that co-creation value with customers and social importance significantly and statistically influenced willingness to pay more. Additionally, it was found that brand image mediated the effects of co-creation value with customers and social importance on willingness to pay more.