The operations management literature on mass customization mainly focuses on the questions of whether and how manufacturers can efficiently deliver customization. Researchers have analyzed the trade-offs between customization and dimensions of operational performance such as delivery times, quality, and costs. However, we argue that providing efficient customization is not sufficient per se to assess the value of mass customization. From this perspective, this paper focuses on complementary mechanisms for creating value: the benefits perceived by individual consumers. Two global components of perceived value within the context of mass customization are identified: mass-customized product, with three dimensions, and mass customization experience, with two dimensions. The Consumer-Perceived Value Tool (CPVT) is proposed to empirically measure the five perceived benefits related to the mass-customized product and to the codesign process from the consumer viewpoint. The psychometric properties of the CPVT are assessed using three samples. The implications of this approach are discussed, along with directions for further research.