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The Impact of Stress on Consumers' Willingness to Pay
Author(s) -
Maier Erik,
Wilken Robert
Publication year - 2014
Publication title -
psychology and marketing
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.035
H-Index - 116
eISSN - 1520-6793
pISSN - 0742-6046
DOI - 10.1002/mar.20733
Subject(s) - construal level theory , willingness to pay , stress (linguistics) , product (mathematics) , marketing , psychology , business , advertising , social psychology , economics , microeconomics , mathematics , linguistics , philosophy , geometry
Stress is a companion in most consumers’ lives and as such should impact purchase behavior in many ways. Drawing on construal‐level theory, which relates to information processing on different levels of abstraction, the authors propose that consumers’ stress deteriorates their evaluation of products. The latter effect results from a stress‐induced focus shift, from product characteristics with high levels of construal to those with low levels of construal (Study 1). This shift also decreases the price that consumers are willing to pay (Study 2), though the product category moderates the impact of stress on willingness to pay (WTP), such that the decline in consumers’ WTP is smaller for products characterized by lower levels of construal (Study 3). This research extends existing knowledge on the impact of relaxation on consumers’ WTP by including stress in the analysis. Effect sizes are similar to those in related studies. In terms of managerial implications, this study recommends decreasing consumers’ stress levels at the point of purchase and tailoring marketing mix activities to match prevalent stress levels, if firms hope to mitigate the negative effect of stress.