Price Perception, Product Appeal, and Uncertainty as Drivers of Perceived Value and Repurchase Intention: Evidence from the Indonesian Blind Box Toys Market

Abstract

The blind box toy market in Indonesia is growing rapidly, driven by pop culture and the element of uncertainty. This study aims to analyze the influence of price perception (price consciousness, price mavenism, sale proneness, price-quality schema, and prestige sensitivity), product appeal, and uncertainty on multidimensional perceived value (functional, emotional, social, acquisition, and transaction value), and their subsequent impact on repurchase intention among blind box toys consumers in Indonesia. A quantitative approach was employed using an online survey method with 259 respondents selected through purposive sampling. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results indicate that price mavenism, sale proneness, and price-quality schema positively and significantly influence both acquisition value and transaction value. Product appeal positively and significantly influences all dimensions of perceived value, whereas uncertainty only significantly affects emotional value. In terms of repurchase intention, acquisition value (β = 0.284, t = 3.639, p < 0.001), transaction value (β = 0.151, t = 2.076, p = 0.019), functional value (β = 0.156, t = 2.232, p = 0.013), and social value (β = 0.265, t = 3.507, p < 0.001) are proven to have positive and significant effects, while emotional value shows no significant long-term impact. The indirect effect test demonstrates that social, functional, acquisition, and transaction values significantly mediate the effects of the environmental antecedents on repurchase intention. This study contributes to the consumer behavior literature on uncertainty-based hedonic products within the Indonesian market by providing a highly parsimonious value-driven framework.