Collective influence: How the collection mindset shapes consumer spending and price perceptions

Cony M. Ho, Robert S. Wyer

Research output: Contribution to journalArticlepeer-review

1 Scopus citations

Abstract

Collection has become a significant form of consumption in consumers' lives. However, to date, our understanding of the downstream behaviors associated with collection consumption remains limited. Could collection have a more extensive impact on consumers' subsequent behaviors? Across four experiments and one field study, results indicate that adopting a collection mindset can shift consumers' perceptions of price changes, influencing their subsequent consumption. This effect arises, because when consumers possess a collection mindset, they lean towards hedonic (as opposed to utilitarian) evaluations of objects. Consequently, such consumers are less sensitive to price fluctuations, leading them to spend more in subsequent unrelated purchases. Furthermore, two studies demonstrate that the influence of collection consumption on price sensitivity is moderated by the nature of the collection and consumers' motivations for collecting. Given the pervasive role of collection consumption in consumers' lives, this research offers crucial theoretical and practical insights.

Original languageEnglish (US)
Pages (from-to)1792-1804
Number of pages13
JournalPsychology and Marketing
Volume41
Issue number8
DOIs
StatePublished - Aug 2024

Keywords

  • collection
  • hedonic evaluation
  • price sensitivity
  • spending
  • utilitarian evaluation

ASJC Scopus subject areas

  • Applied Psychology
  • Marketing

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