Abstract
Destination choice in multi-destination trips is crucial for understanding tourists' preferences, predicting tourism demand and flow, and fostering collaborative opportunities between destinations. This study utilises prospect theory to examine how tourists select a stop within a multi-destination trip and to explore the role of other chosen stops' attributes as a reference point when tourists plan their itinerary. The results reveal dynamic perceptions of gains and losses relative to reference points that vary across individual characteristics and destination attributes. Additionally, heterogeneity is revealed in tourists' reference-dependent patterns, which can be categorised as immediate- and delayed-gratification reference dependencies. These findings contribute to the destination choice discourse by proposing new directions for comprehending tourists' heterogeneous reference dependencies and attitudes in sequential destination choices.