Subjects: Psychology >> Social Psychology submitted time 2023-03-28 Cooperative journals: 《心理科学进展》
Abstract： Time and money are two important resources that affect consumer decision-making differently. Based on the dual-process theory, this paper discusses the effect of time and money concepts on consumers' purchase decisions and its psychological mechanism through reviewing previous literature. Specifically, the effect of time and money would be differential in consumers’ the purchase decision process such as pre-purchase stage, purchasing stage, and post purchase stage. For pre-purchase decisions stage, the concept of time and money will affect consumers' product search and product evaluation strategy. When consumers search for products, currency of search (time or money) will moderate the effect of magnitude of search costs on people’s willingness to search. When the currency is money, lower (vs. higher) search costs will result in higher willingness to search. When the currency is time, this effect of search costs on willingness to search will be relatively weaker. As for consumer’s product evaluation, they will adopt an alternative-based evaluation strategy to evaluate product information after they are activated time concept and adopt an attribute-based evaluation strategy to evaluate product information after they are activated money concept. For purchasing decision stage, the impacts of priming time and money on product selection are different. Consumers will make different choices between virtue and vice products, hedonic and utilitarian products, experiential purchases and material purchases, and anthropomorphized products when they are activated time or money concepts. That is, if the time concept is activated, consumers tend to choose a virtue product, hedonic product, experiential purchases and prefer anthropomorphic products with no prominent functional purpose. If money is activated, consumers tend to choose vice products, utilitarian products, material purchases and prefer the anthropomorphic products with prominent functional purpose. For post-purchase decision stage, the concepts of time and money also have different effects on consumers' product attitude and the consistency of product preferences. Time priming leads to a more positive attitude toward products and a higher degree of consistency in preferences than money priming. However, for luxury goods, free goods and high materialists, money priming has a better effect than time priming. From the perspective of the dual-process theory, the psychological mechanism due to different cognitive processing modes and mindsets that are primed by time and money. Concretely, because of the value of time are more ambiguous, difficult to calculate, difficult to explain, irreplaceable and intangible than money, consumers are more dependent on the experience system to process time and product information heuristically, holistically and affectively and fall into emotional maximization mindset. Because the value of money is more specific, easy to analyze, replaceable and tangible than time, consumers are more dependent on the rational system to process money and product information analytically and fall into value maximization mindset. As a result, due to the difference of time and money concepts, different processing methods and thinking patterns further lead to consumers make different purchase decisions in three aspects: pre-purchase decision (product search and product evaluation strategy), purchasing decision (product selection) and post-purchase decision (product attitude and the consistency of product preferences). Future research should further explore the following issues: (1) Elaborating the different effects of priming time and money on purchase decisions. (2) Considering the impact from the tradeoff between time and money on purchase decisions. (3) Further exploring the different influences of priming time and money on the pre-purchase decision. (4) Exploring the neural mechanisms underlying the different effects of time and money on purchase decisions.
Subjects: Psychology >> Social Psychology Subjects: Psychology >> Applied Psychology submitted time 2021-09-26
Abstract： It is usual for individual to feel socially excluded. As an unpleasant experience, social exclusion results in adverse effect on individual’s cognitive, physical and psychological functions. Social exclusion refers to a feeling of being ignored, rejected or isolated by other individuals or social groups. Previous studies have shown that individuals generally resort to consumption to alleviate the negative effects of social exclusion, for example, they have a preference for unique products and anthropomorphic products after being socially excluded. van Boven & Gilovich (2003) classified purchases into two types: experiential purchase and material purchase. Experiential purchase refers to those made with the main purpose of obtaining life experience such as watching a movie and going to a concert while material purchase refers to those made with the main purpose of obtaining a tangible good such as buying accessories and clothes. However, so far there are few studies attempting to examine the effect of social exclusion on experiential purchase and material purchase. The current research aims to explore the effect of social exclusion on experiential purchase and material purchase. Meanwhile, this research also interested in investigating the factors that might moderates the effects of social exclusion on experiential purchase and material purchase and factors that might mediate the moderating effects. Study 1a and 1b respectively used a single-factor (social exclusion vs. social inclusion) between-subject design to explore the effect of social exclusion on consumer purchase. Participants were asked to take times to imagine that they were the protagonist of the story and reported which consumption activity (experiential purchase or material purchase) to get involved after reading the story. In study 2, a two-factor (social exclusion vs. social inclusion; nostalgia vs. control) between-subject design were employed to investigate the moderating role of nostalgia and mediating role of social connectedness. Participants were randomly assigned to the socially included group or the socially excluded group. Social exclusion and inclusion were manipulated in the same way as study 1. Right after the exclusion or inclusion manipulation there was another task requiring participants to recall a nostalgic event or an ordinary event in order to manipulate nostalgia. Participants were also randomly assigned to nostalgic group and control group. Then they were required to report their feelings of social connectedness and decide which purchase (experiential purchase or material purchase) to have. Our findings are as follows：(1) Compared with those who are socially included, socially excluded individuals are more likely to have experiential purchase over material purchase. (2) Nostalgia moderates the effect of social exclusion on purchase. Specifically, after being socially excluded, there is a significant difference on the purchase decision between nostalgic individuals and control ones. Participants in the control group prefer to choose experiential purchase more than nostalgic individuals. However, for those who are socially included, there is no significant difference on purchase decision between nostalgic group and control one. (3) Social connectedness mediates this moderation effect. Taken together, these findings indicate that socially excluded consumers have a tendency towards experiential purchase, which enriches the researches of the antecedent of experiential purchase and the consequence of social exclusion. Furthermore, it reveals an important underlying mechanism to cope with the negative influence of social exclusion.
Peer Review Status:
Awaiting Review
Subjects: Psychology >> Social Psychology Subjects: Psychology >> Management Psychology submitted time 2021-09-26
Abstract： Time and money are two important resources which could affect consumer decision-making differently. When consumers making purchase decisions, they are ususally influenced by the information of time or money which implied in the merchant’s slogan and the shopping environment. And these affect would be differential in consumers’ purchase decision process such as pre-purchase stage, purchasing stage, and post purchase stage. From the perspective of dual-process theory, the psychological mechanism may be due to different cognitive processing mindsets that primed by time and money. Future research should further explore the following issues: (1) Elaborating the different effects of priming time and money on purchase decisions. (2) Considering the impact from the trade-off between time and money on purchase decisions. (3) Further exploring the different influences of priming time and money on the pre-purchase decision. (4) Exploring the neural mechanisms underlying the different effects of time and money on purchase decisions. "
Peer Review Status:Awaiting Review
Subjects: Psychology >> Social Psychology submitted time 2021-02-04
Abstract： Prosocial spending refers to spending money on others in the form of gifts or charitable donations. Prosocial spending not only benefits the recipient but also exerts a positive effect on the giver’s subjective well-being. This effect depends on the type of recipient (individual vs. organization or society at large), and the universality and the persistence of the effect have been extensively investigated. Both internal and external factors have been shown to contribute to the boundary conditions facilitating the effect. Several theories, such as self-determination theory, social norm theory, evolution theory and social exchange theory, could be used to elucidate the mechanism underlying the effect of prosocial spending on subjective well-being. Future studies should focus on examining the boundary conditions of the effect, exploring the long-term positive effects of prosocial spending, and improving the ecological validity of research on prosocial spending.
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