Purchasing Decisions with Reference Points and Prospect Theory in the Metaverse

Theodore Tarnanidis (), Nana Owusu-Frimpong, Bruno Barbosa Sousa, Vijaya Kittu Manda and Maro Vlachopoulou
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Theodore Tarnanidis: Department of Organisation Management, Marketing and Tourism, International Hellenic University, Sindos Campus, 57400 Thessaloniki, Greece
Nana Owusu-Frimpong: Office of Doctoral Programs, University of Professional Studies (UPSA), Accra LG 149, Ghana
Bruno Barbosa Sousa: School of Hospitality and Tourism (ESHT), IPCA-Polytechnic University of Cávado and Ave, 4750-810 Barcelos, Portugal
Vijaya Kittu Manda: PBMEIT, Visakhapatnam 530009, India
Maro Vlachopoulou: Department of Applied Informatics, University of Macedonia, 54006 Thessaloniki, Greece

Administrative Sciences, 2025, vol. 15, issue 8, 1-20

Abstract: The aim of this study is to analyze the factors that influence consumer referents or reference points and their interaction during the decision-making process, along with the principles of prospect theory in the metaverse with market and retail examples. We conducted an integrative literature review. Consumers’ preference for reference points is determined and structured during the buying process, which can be affected by potential signals and biased decisions. To guide consumers’ shopping experiences and purchasing behavior in the most effective way, marketers and organizations must investigate the factors that influence consumer reference points beyond physical or tangible attributes. Businesses must be adaptable and adapt their strategies to changing consumer preferences based on reference points. Our findings can advance discussions about how reference points are being used in the market by using consumer decision-making claims in the discursive construction of the metaverse. By comprehending this, developers can create better experiences and assist users in navigating virtual risks. Our research aids us in better comprehending the influence of referents on consumer purchasing decisions in the marketing communications field. Numerous opportunities for academic research into consumer reference points have arisen, in which individuals as digital consumers are influenced by the same biases and heuristics that guide their behavior in reality.

Keywords: decision-making process; consumer reference points; prospect theory; metaverse; future marketing (search for similar items in EconPapers)
JEL-codes: L M M0 M1 M10 M11 M12 M14 M15 M16 (search for similar items in EconPapers)
Date: 2025
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