In this study, we expanded the perceived value literature by demonstrating the role of selected affective factors (i.e., hedonics, control and novelty) on value in the context of cruise vacation experiences. We also examined the role of customer satisfaction in the affect–value relationship. Our results indicate that affective factors are important determinants of the perceived value of cruise services. In particular, hedonics or pleasure is strongly linked to cruise vacationers’ value perceptions and behavioral intentions. However, overall satisfaction as a mediator accounted for the relationship between affective antecedents and perceived value. The managerial findings of this research are briefly discussed.