["Journal of Consumer Behaviour, EarlyView. ", "\nABSTRACT\nThis study extends the customer value map (CVM) framework by introducing and operationalizing the concept of perceived value elasticity (PVE), defined as a metric for assessing how changes in specific value dimensions translate into shifts in relative consumer preference. Grounded in behavioral economics and foundations of perceived value, the framework integrates non‐monetary costs—specifically proximity and shopping speed (operationalized as transaction cost)—and benefits—including quality, variety, trust, and lifestyle fit. An empirical application for the Spanish fast‐moving consumer goods (FMCG) sector has been carried out. A sequential mixed‐methods design was employed, combining qualitative research with a representative survey of 756 households. The study demonstrates that benefit and cost dimensions exert asymmetric effects on perceived value. Experiential drivers such as assortment variety and product quality carry greater relative weight in respondents' perceived value assessments than purely economic factors. Convenience‐related costs, notably proximity, are weighted more heavily than price; that is, consumers assign greater weight to non‐monetary costs, underscoring the relevance of convenience‐related sacrifices in shaping consumer choice. Finally, PVE provides a diagnostic tool for linking value perceptions to relative preference responsiveness. For instance, Mercadona's positive preference sensitivity illustrates the relative effectiveness of its investments in quality and trust, while Aldi's negative preference sensitivity signals the strategic primacy of cost efficiency.\n"]