Does Spending Make Us Happy? The Role of Consumption on Life Satisfaction

In economic theory ‘consumption’ is commonly seen as final ‘utility’, but the factual relationship between consumption and life satisfaction has hardly been considered. Empirical research on this matter can provide a basis for more informed consumer choice. We add to the emerging literature on this matter with a survey study among the general public in Turkey. For the degree of absolute consumption, we found a negative relationship with life satisfaction, savers being happier than spenders. For kinds of consumption, we found mostly negative correlations with life satisfaction, in particular with housing expenses. The only positive correlation with life satisfaction was expensed on eating out and vacations. These results illustrate that the relationship between consumption and life satisfaction is more complex and variable than is commonly assumed.

Medycyna stylu życia jako prozdrowotny trend współczesnego prosumenta

The aim of this study is to present the profile of the modern prosumer and analyze their behavior on the health services market in the context of the latest health-promoting trend — lifestyle medicine. The patient’s participation in medical diagnostics was discussed. Attention was paid to the reasons for transformation of medical systems, among others due to changes in the patient’s needs. The theoretical aspects of lifestyle medicine, including evidence-based medicine (EBM), were discussed. Finally, an analysis of the lifestyle of Polish consumers was made based on the results of own study. Less than 20% of respondents are familiar with the term “lifestyle medicine”. Most respondents identify this term with a healthy lifestyle. The respondents’ declarations show that the modern consumer leads a healthy lifestyle, regularly engaging in sports and eating properly balanced meals. As an informed consumer, he or she reads the labels on the packaging and considers each purchase very carefully. He or she is also vulnerable to advertising and other marketing tools, and is aware of this. Nearly 61% of respondents do not know the term “prosumer”. For other people, a prosumer is the modern consumer who consciously and actively makes choices, is involved in co-creating the product and takes part in its promotion.

Sensory profiles and hedonic perception of commercial potato chips under blind and informed consumer tests

Although consumer hedonic perception on various food products was evaluated under blind and informed conditions, little research was conducted on commercial potato chips to examine how consumers' perception would change after products' information was disclosed to consumers. Sensory profiles and hedonic perception of six marketed potato chips were investigated under blind and informed conditions, including the specific product manufacturer, nutritional ingredients, and additives. A total of 18 sensory attributes of the chips were profiled by descriptive analysis, and all samples were evaluated under blind or informed conditions by 80 consumers, who rated their acceptance. Significant variations in sensory profiles between tested samples were observed, indicating a broad range of product quality in the marketplace. For the informed consumer test, the health-related positive effect such as oil-free on overall liking scores was not manifested. It suggests that consumers are not willing to compromise on taste, regardless of any benefit, including health. Cluster analysis also showed that no clear market segmentation was observed in both blind and informed evaluations. Therefore, it is concluded that whether potato chips are health-oriented or not is not a key factor in dictating consumers' hedonic perception. Taste is the most important factor affecting consumer choice when purchasing potato chips.

Zakaz missellingu jako przykład zastosowania behawioralnej koncepcji prawa?

This article concerns the institution of misselling introduced recently to the Polish legal system. Misselling has been commonly defi ned as dishonest sale. Currently, the solution adopted by the Polish legislator applies only to fi nancial services provided by fi nancial institutions to consumers. This regulation is not extensive but it has already stirred a lively debate among the representatives of legal practice and doctrine. This article is a voice in the discussion and its purpose is to identify the public law aspect of the solutions adopted and propose certain actions to be taken at the level of the regulated and the regulating entities and which would account among other things for the new, behavioural way of perceiving a consumer as an informed subject even if not always rational. The need for the evolution of the paradigm of a rational consumer, which is a challenge for the contemporary legislator, has been dictated by the experience gained so far as well as by the changing reality. The market today off ers a range of new fi nancial instruments which while being innovative very frequently carry extreme risk. The intensive and sometimes intrusive advertising of these instruments off ered to ”rational consumers” uses diff erent persuasive marketing techniques and may in eff ect result in a potential loss of stability and security of the fi nancial market. Therefore while implementing the stabilisation narrative promoted within the European Union, legislative bodies in Member States adopt solutions like misselling which are intended to reduce at least partly the risk of another crisis in the fi nancial sector. Its sources go back to the conception of homo oeconomicus, that is a rational consumer who based on the information provided is capable of making a rational decision that is best for him. However, as experience and history show, this attitude is too idealistic and needs being redefi ned. Developing an optimal conception of an informed consumer requires an interdisciplinary approach which apart from the legal and economic elements will take into account the experiences of other branches of science, such as sociology or psychology as well.

Don't watch me read: how mere presence and mandatory waiting periods affect consumer attention to disclosures

To help people make informed decisions, policy-makers often require entities to provide consumers with informational materials known as disclosures. However, it is unclear whether consumers pay attention to disclosures. In two experiments where we manipulate the delivery of disclosures, we find that the mere presence of an observer negatively affects attention to disclosures, while introducing a mandatory waiting period after receiving a disclosure increases attention. In a third study, we analyze more than 3000 surveys answered by recent mortgage borrowers. Borrowers who report receiving disclosures at mortgage closing meetings (which are often attended by multiple stakeholders) are less likely to have questions about their disclosures than those who receive disclosures beforehand, suggesting differential attention. Our findings demonstrate that both mandatory waiting periods and the presence of observers can affect consumers’ attention to disclosures. We discuss implications of our research for policies designed to promote informed consumer decision-making.

It's time to get emotional with your customers

In the era of the highly connected and informed consumer, where choice is endless and loyalty is in short supply, the challenge lies in how to take the leap from having passive customers with low engagement to ones that will advocate for you. There needs to be an unprecedented focus on the customer to accelerate growth and meet the needs of consumers against a backdrop of economic, regulatory and technological change. Organisations must bring together new capabilities across strategy, experience, operations and technology to unite the delivery of compelling propositions that deliver value for customers, employees and the company itself. The key is creating an emotional connection to your company and being transparent on where you are now, where you want to go and how you will involve your employees, your customers and the wider community along the way. So what are the new expectations of consumers? Who are your stakeholders and what do you know about them? How do they behave? What do they expect from you? How are you using data to drive decision making? How is value being created and how is value being shared? Do you bring together your customers, people and partners to co-design the future? Are you experiences, operations and technology platforms connected to bring your strategy to life? Do your customers and people believe you have the conviction to stay the course and deliver? Christine will share her experiences and lessons learnt along the way. To view the video, click the link on the right.