The notion that tourists actively co-create value with organisations is increasingly acknowledged in tourism marketing. Yet, not much is known about the processes in play when customers co-create value with each other. This conceptual paper offers a theoretical basis for the study of customer-to-customer co-creation in tourism contexts, while debating the epistemological assumptions of value-related research in tourism. Proposed conceptual framework posits that value is socially constructed and embedded in tourists' social practices. Copyright © 2014 John Wiley & Sons, Ltd.