Fashion consumption using minimalism: Exploring the relationship of consumer well-being and social connectedness

The dominance of minimalism as a lifestyle among individuals and its influence on sustainable consumption has increased significantly; still, the concept within academic literature is conjecture in nature and exploratory to date. Also, a concrete definition of the concept and empirical evidence is lacking in academic literature and hence needs to be systemically established. In this context, minimalism has been proposed as a deliberate paradigm shift in consumer behavior grounded on the sustainable lifestyle principle. The data were collected using a highly structured questionnaire from 436 consumers and analyzed using process macros analysis techniques. The study indicates that minimalism is a sustainable lifestyle choice and helps people in achieving consumer well-being and life satisfaction focus on what matters the most in life and where to devote their energies. As a result, people with greater life satisfaction and consumer well-being are likely to experience more positive emotions and fewer negative emotions, eventually leading to an overall state of positive emotional well-being. Moreover, minimalists with high control over their consumption desire further strengthen this relationship. This research deepens the understanding of minimalism in an Asian context by opening a future research avenue and exploring the additional contributions minimalism can make. Moreover this study offers a clear rationale to understand why it is valuable for customers to incorporate minimalism into their lifestyles, which has the potential to motivate the manufacturer to seek more significant production modes which accord with the minimalistic lifestyle.     

Spiritual myths of consumption: puritanism,transcendentalism and the consubstantiation of the American consumer

ABSTRACT

Contemporary consumer trends in America are profoundly influenced by the enduring religious values of Puritanism and the more secular spiritual values of Transcendentalism. Both belief systems have deeply penetrated American collective memory. While they share common historical roots, the tensions that emerge from their differences describe a typology of three enduring collective myths of American culture – the Myth of the American Dream, the Myth of the American Adam and the Myth of American Exceptionalism. These myths, in turn, define three contemporary consumer movements – Voluntary Simplicity, Transformational Consumption and Radical Consumption.     

Resisting immigrant myths: everyday consumer practices of Asian immigrants in America

Projective, depth interviews with U.S. Asian immigrants revealed their ambivalence toward the U.S. commercial sector's colonial-era representations of Asian people. These commercial representations provide polarized depictions of Asian immigrants as either threatening aliens or as model citizens. These portrayals reflect “racialized otherness,” or racial stereotyping that represent Asian immigrants as inferior. Our findings indicate that Chinese immigrants strategically use everyday consumption related to foodways to resist the reverberation of American immigrant myths. In some instances, immigrants’ consumption practices instantiate a regional Asian identity. In other instances, however, immigrants’ consumption practices reflect a separation from the past and an acceptance of a new although not exclusively American way of life. Notwithstanding immigrant consumers' resistance practices, the findings call for future research into immigrant consumers' reactions to visual representations of race, ethnicity, and gender.     

Country and consumer segmentation: multi-level latent class analysis of financial product ownership

The financial services sector has internationalized over the last few decades. Important differences and similarities in financial behavior can be anticipated between both consumers within a particular country and those living in different countries. For companies in this market, the appropriate choice between strategic options and the resulting international performance may critically depend on the cross-national market structure of the various financial products. Insight into country segments and international consumer segments based on domain-specific behavioral variables will therefore be of key strategic importance. We present a multi-level latent class framework for obtaining simultaneously such country and consumer segments. In an empirical study, we apply this methodology and several alternative modeling approaches to data on ownership of eight financial products. Information is available for 15 European countries, with a sample size of about 1000 consumers per country. We find that both country segments and consumer segments are highly interpretable. Also, consumer segmentation is related to demographic variables such as age and income. Our conclusions feature implications, both academic and managerial, and directions for future research.     

Demystifying the impact of self-indulgence and self-control on customer-employee rapport and customer happiness

Past research mostly ignores the link between customers' purchase orientations and their engagement with frontline service employees. This paper addresses this gap by using socio-emotional selectivity theory to investigate the effects of customers’ self-indulgence/control on their rapport building efforts with frontline service employees and on their own happiness. It also explores the moderating effects of age, gender and shopping day on the impact of self-indulgence/control on happiness. Data from 252 Australian customers shows that self-control has no significant influence on rapport or happiness while rapport and self-indulgence positively affect happiness. Finally, all the moderating effects only find partial support.     

Engagement behavior and financial well-being: The effect of message framing in online pension communication

People spend very little time planning for retirement, which could have negative effects on their financial well-being. To address this troubling lack of engagement, the authors posit that the use of goal framing, a marketing practice that involves making strategic adjustments to wording of marketing communications, in technology-facilitated communication (e.g., email) is effective for stimulating consumers’ behavioral engagement with pension information that is relevant for their long-term financial well-being. Field, online, and laboratory studies consistently show that a prevention-oriented assurance frame in technology-facilitated communication is twice as effective as a promotion-oriented investment frame for increasing participants’ engagement behavior. The findings have important implications for marketers and policy makers who seek to increase consumers’ retirement engagement behavior and financial well-being.     

The effects of traffic light labels and involvement on consumer choices for food and financial products

Traffic light (TL) labels that inform consumers regarding product safety have received increasing attention in different fields. Behind the background of behavioural economics, this paper presents the results of a split‐sample choice experiment conducted in Germany to evaluate the impact of TL labelling on purchases of food and financial products. We hypothesize that consumers experience different levels of involvement with these two types of products, leading to different recommendations regarding the use of TLs. The results show that TLs affect consumer purchases of both product groups by focusing their attention on specific product attributes. For food, whereas the low‐fat attribute has no significant impact on food choices that do not include TLs, this attribute has a positive impact on choices once it is signalled with a TL label. The positive evaluation of the organic production attribute of a food product without a TL decreases when the same product is labelled with a TL. In the case of financial products, TLs significantly reinforce the impact of all characteristics on choice probability. TLs also generate a halo effect with regard to return variance. Although consumers demonstrate different levels of involvement for the two types of products, involvement does not always impact the evaluation of attributes. Compared with less involved consumers, more involved consumers exhibit more heterogeneous evaluations of the return variability attribute in the case of the financial product and the organic attribute in the case of the food product.     

The financial advice puzzle: The role of consumer heterogeneity in the advisor choice

We investigate motivational drivers of financial advisor use, accounting for investor heterogeneity, with the goal of helping institutions increase the use of financial advisor services. The results from a latent class choice model reveal two distinct segments that differ in their approach to the financial advice decision. While higher levels of risk tolerance, trust, and self-efficacy increase financial advice use for both segments, albeit at much higher propensities for Segment 1, personality only matters for Segment 1. Moreover, their regulatory focus differs with Segment 1 being promotion and Segment 2 being prevention focused. Using these results, we offer suggestions for marketing strategies.     

A sustainable Retailer's journey to sustainable practices: Prioritizing the customer and the planet

Rapidly increasing demand for eco-friendly products is evidence of consumers' intention to make responsible purchases. As a result, companies and retailers are increasingly pressured to reconsider their product lines and provide environmentally friendly products in order to satisfy their customers' demands. The current study aims to explore how sustainable retailers, sustainable product packaging, sustainable product availability, and lower price perception impact sustainable behavioral intention towards (SBI) sustainable consumption behavior (SCB). A survey in the form of a self-administered questionnaire was used to get information from millennials for this study. Smart Partial Least Square (SEM) was employed to analyze the data. This study's sample was obtained using judgmental sampling, resulting in 297 valid responses. The results indicate that millennials are progressively adopting environmentally responsible consumption practices. The study found that sustainable retailers, sustainable product packaging, availability, and lower pricing perception contribute to sustainable behavior intentions. The findings indicate that promoting ecological practices and environmentally conscious consumers can assist developing nations in attaining sustainability and ecological stability.     

Analysing the drivers of customer happiness at authorized workshops and improving retention

Due to increased business competition, customer happiness has drawn significant interest in recent times. With customer happiness at authorized workshops in mind, workshops are trying hard to give the best services to customers so that they feel happy and return even after free services. However, customers are not using regular maintenance services properly although their vehicles are still under warranty. Literature shows that there is a direct relationship between company performance and customer happiness. However, no literature is available related to sustaining customer happiness and improving retention after free services. Therefore, the study aims to identify the drivers of customer happiness at authorized automotive workshops and prioritize them, allowing service providers to improve services to help in improving customer retention even after free services. To achieve this aim, a two-phased research methodology was used. In the first phase, an extensive literature review was carried out to list drivers of customer happiness; and finalized the drivers empirically. Fuzzy Analytical Hierarchy Process (AHP) was employed in the second phase to prioritize the drivers. The ‘technological’ driver has been reported as the most important sustainable driver of customer happiness followed by ‘social’ driver. This study will help service providers to plan resources effectively and increase customer happiness at authorized workshops; this will improve retention even after free services. To check the robustness of results, sensitivity analysis is performed.     

Green cooperation in last-mile logistics and consumer loyalty: An empirical analysis of a theoretical framework

Based on the contingency, transaction, and trust theories, this paper explored how the green cooperation between supplier and customer in last-mile logistics contributes to consumers’ sustainable consumption behaviors and trust and transaction cost's contingency role. We collected survey data from 453 users of green shopping platforms in South Korea (e.g., Homepick and Smart Locker) and analyzed the data using structural equation modeling. The results suggest that green cooperation with companies positively affects consumers’ sustainable consumption behaviors and trust, and transaction costs negatively moderate such relationships. In addition, customer trust positively affects sustainable consumption behavior and loyalty. We also found that improved sustainable consumption behavior can form loyalty, but transaction cost decreases its positive impact. This paper evaluates the last-mile delivery through green cooperation and enriches the literature on contingency, transaction cost, and trust theories.     

The relationships of financial literacy with both financial behavior and financial well-being: Meta-analyses based on the selective literature review

This study conducted meta-analyses of the relationships between financial literacy and both financial behavior and financial well-being. Peer-reviewed articles published on financial literacy in the field of consumer studies were collected by July 29, 2020. Fourteen articles were eligible for the meta-analyses. The results showed positive relationships of financial knowledge with desirable financial behavior and financial well-being. Our comparison of objective and subjective financial knowledge indicated that subjective knowledge had stronger relationships with both financial behavior and financial well-being than objective knowledge. These two types of knowledge also had different paths to financial well-being in that subjective knowledge had both direct and indirect effects on financial well-being through financial behavior, whereas objective knowledge only had an indirect effect. The relationship between financial knowledge and financial behavior appeared stronger in cross-sectional data than in longitudinal data. The implications of these results and possible directions for future consumer science research were discussed.     

Impact of co-production on consumer perception of empowerment

Service-dominant logic emphasises the customer role as co-creator of value. However, there is little empirical evidence of how customers perceive and experience value co-creation from participation in service co-production. The internet and interactive websites have increased the potential for consumers to engage in co-production through increased self-service which is acknowledged to contribute to consumer empowerment. The paper explores empirically the impact of service co-production via web technology on consumer perceptions of e-empowerment. Findings suggest that e-empowerment is multidimensional comprising empowerment and disempowerment dimensions. The paper makes several contributions to services theory. Variable co-production leads to different types of empowerment/disempowerment. Value-in-use can be perceived as process value and outcome value. The findings challenge the assumption that co-production naturally leads to co-creation of value. Co-production can be a double-edged sword: for some it can be value-enhancing, whereas for others it can be value-destructing. The paper notes several implications for practice.     

The effects of financial literacy on the borrowing behaviour of Turkish financial consumers

Our research attempts to measure the effects of financial literacy of Turkish financial consumers on the borrowing behaviour. A questionnaire is administered to a sample of 550 people in the city of Eskisehir. In‐depth interviews are undertaken with 10 financial consumers to support the findings. Findings of the study indicate differences in the borrowing behaviour of consumers with different levels of financial literacy. Considering the relationship between financial literacy and borrowing behaviour, we suggest that attempts to increase financial literacy of financial consumers may have important implications in the prevention of excessive borrowing.     

Impact of national traumatic events on consumer purchasing

The purpose of this research is to evaluate differences in consumer perception before and after national traumatic events such as the terrorist attacks that took place on 11 September 2001. The authors found a significant difference in consumer ethnocentrism, patriotism, time management, attitude towards regulation of business and product quality following the terrorist attacks. These differences impact consumer purchase decision processes and become important to businesses that are targeting these consumers with their product offerings. In addition, marketing managers' understanding of change in consumer perceptions and attitude should impact how consumer products are marketed.     

建立黑龙江省科技与金融服务体系的对策研究

黑龙江省的科技与金融服务体系存在着直接融资市场体系不健全、信用担保体系不完善、高科技企业获得资金支持不足等问题。应借鉴国外支持和鼓励科技企业的措施,建立黑龙江省的风险投资体系和科技型企业直接融资信息平台及资信评估体系,以推动全省科技与金融服务的结合。     

The effects of demographic characteristics on consumer information periodical readership and financial knowledge

A telephone survey of French- and English-speaking households in Quebec was conducted to obtain information about money management practices, of use information sources and knowledge of personal finance terminology. Correlations and regressions were performed on data from 234 interviews. An index of consumer periodical readership was related positively to variables for female respondent, English-speaking, urban residence, income and education in the correlations. A financial knowledge index was related positively to variables for income, education, and the periodical index in the correlations. The knowledge index peaked for the 41–55 years of age category. A two-equation recursive model for periodical readership and financial knowledge was tested. A regression on the periodical index had positive effects for income, education and variables for age 56–64 and 65 and over, and a negative effect for rural location. A regression on the knowledge index had positive effects for the periodical index, income, French-speaking and the variable for age 41–55, and a negative effect for female respondent. The needs of lower income consumers may not be met well by consumer periodicals. In terms of financial knowledge, English-speaking consumers in Quebec may be at a disadvantage relative to French-speaking consumers with similar income levels.     

Beauty in the eyes of its beholders: Effects of design novelty on consumer preference

In this research, we propose that promotion- (vs. prevention-) focused consumers should prefer a novel product design, an effect that we attribute to increased processing fluency. In addition, we propose that the effect of consumers’ regulatory focus should be moderated by product type, such that promotion- (prevention-) focused consumers should prefer more (less) novel designs only for utilitarian products; for hedonic products all consumers should prefer a novel design regardless of their regulatory foci. We obtain empirical evidence for these predictions across four experiments that use different operationalizations of regulatory focus and product type. We conclude by discussing the theoretical contributions and managerial implications of our research.     

基于电子化金融服务创新的普惠型农村金融体系重构研究

通过对广西横县、灵山、田东3县电子化金融服务渠道的专题调研,本文分析了信息技术创新对建立普惠型农村金融体系的重要意义。研究结果表明,电子化金融服务渠道创新是建立普惠型农村金融体系的突破口;实现广大乡村地区电子化金融服务的可持续发展是当前存在的主要难题;应充分尊重自下而上的电子化金融服务模式创新;电子化金融服务具有准公共品的特征,在构建该体系的过程中应充分发挥社会各方的积极作用。     

Pricing practices: A critical review of their effects on consumer perceptions and behaviour

With the present challenge to compete on price or product assortment, retailers and manufacturers are increasingly focusing on state-of-the-art pricing strategies which have their roots in behavioural economics and psychology. The current review is an empirical investigation on the relative effectiveness of various pricing practices on consumer perceptions and behaviour. Six pricing strategies were reviewed; drip pricing, reference pricing, the use of the word ‘free’, bait pricing, bundling and time-limited offers. The review shows that the former three have received a significant amount of attention and have a robust impact on consumer perceptions and behaviour. There is less research on the latter three; however, the available evidence does suggest that they, too, may be capable of influencing consumers’ choices. Finally, it is also clear that the effects of pricing practices can be moderated by a variety of factors. Overall, the current review indicates that sellers are able to influence perceptions and purchase decisions of consumers based on the manner in which prices are displayed. The implications of these findings for retailers, policy makers and researchers are discussed.