The objective of the study was to offer a systematic approach to examine the potential differences in loyalty formation process across different demographic groups. A multiple-groups analysis was conducted and the findings revealed that : 1) travelers in different age and income segments exhibited no significant difference in their perception of the destination image, levels of satisfaction and loyalty; 2) travelers in different gender and education segments had different levels of image perceptions, but they formed comparable level of satisfaction and loyalty across groups; 3) the holistic loyalty formation process remained identical across demographic groups.