The connection between brand equity and consumer loyalty has been tested many times. According to Aaker (1991), brand equity is a marketing pattern with the purpose of promising it’s loyalty, by enhancing consciences, brand association and other equities. The study acknowledges the importance of a brand in creating equity.
Chaudhuri & Holbrook (2001) found in their study that there are two major values in brand equity:
Hedonistic value- the brands values as one grasp them for hedonism purposes.
Utility value- the brands values as the operative benefits the brand can offer a consumer.
Their study showed that there is a positive linear connection between brand equity, as it appears in hedonistic values, and brand loyalty.
The study also showed a weak negative linear connection between brand equity, as it appears in Utility values, and consumer loyalty.

Unlike other researchers, claiming brand equity can influence consumer loyalty in a direct way, Gustafsson & Johnson (2002) show that this effect is an indirect connection.
Their study shows this connection depends on the consumer’s experience with the brand, and that this brand experience is the only way for gaining consumer loyalty.
Summing up those studies can present different important values in brand equity, depending on different aspects of brand equity. Most studies define different brand equity values as real values (Utility- operational values) and unreal values (hedonistic values).
Literature backs the direct impact of brand equity on consumer’s loyalty.