Money,mavens, time,and price search: Modelling the joint creation of utilitarian and hedonic value in grocery shopping

Abstract

This research deductively develops a model of both in-store price search and store deal proneness drawing on hedonic and utilitarian value creation. Based on a sample of 535 US grocery shoppers, the model reveals that in-store price search and store deal proneness share many of the same drivers, amongst these, the value of time being the most important. The opportunity cost of time engaged in price search is explained in terms of shoppers’ financial pressures and role construction as price mavens. Price mavenism influences store deal proneness directly due to its capacity to yield the price information required to build and maintain a role identity, and indirectly through its effect on the opportunity cost of time engaged in price search. The primary implication of the research is that the relationship between time, search, and price mavenism may be best explored by viewing price knowledge, the basis for identity maintenance, as a flow rather than a stock.