Why do travel and tourism consumers appraise products as more or less favorable, and what makes them change their appraisals over time? In addressing these two fundamental questions, we focus on the construct of consumer value, a construct often regarded as pivotal in determining customer satisfaction and loyalty. In this paper, we propose and test a model of the antecedents and consequences of change in consumer value. We used a key sector of the tourism industry, timeshare, as the context for this research. Self-report data were obtained from 580 owners of timeshare on two occasions, twelve months apart. Results from this longitudinal study showed that selected consumer, product, consumption experience, and learning experience factors predicted changes in value, and these value changes, in turn, predicted shifts over time in satisfaction and repurchase intent. The findings provide new insights as to the role of value in consumer appraisals and actions.