Abstract: This study examines the effect of self-esteem, customer perceived value and customer identification on willingness to pay price premium. Additionally, it ascertains the impact of customer loyalty on customer perceived value. This study employed a survey research design. The respondents were undergraduate students. The convenience sampling technique was used to select the sample. Questionnaire was used as the data collection instrument. Confirmatory factor analysis was used to ascertain the validity and reliability of the constructs. Multiple linear regression was used to analyze the data. The results indicate that self-esteem, customer perceived value and customer identification significantly influence consumers’ willingness to pay price premium. Again, the study found a significant effect of customer loyalty on customer perceived value. The findings indicate that enhancing consumers perceived value will demand that service firms build customer loyalty. Again, marketers must build strong brands and enhance their reputation among their customers. This can influence customers to identify themselves with the brand. The study provides evidence for the relationship between customer loyalty and perceived value. Again, it establishes the effect of self-esteem on consumers’ willingness to pay price premium.