Age-induced Decision Shrinkage, Another Avenue to Repeat Purchase: the Example of New Automobiles

Raphaelle Lambert-Pandraud and Gilles Laurent
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Raphaelle Lambert-Pandraud: ESCP-EAP - ESCP-EAP - Ecole Supérieure de Commerce de Paris
Gilles Laurent: HEC Paris - Recherche - Hors Laboratoire - HEC Paris - Ecole des Hautes Etudes Commerciales

Working Papers from HAL

Abstract: The literature from psychology and gerontology suggests that older persons have reduced cognitive abilities, and an increased risk aversion. On this basis, we predict that their decision process will be shrunk, in three manners: a smaller consideration set, a focus on the previous brand (leading to repeat purchases), a privileged status given to other ancient brands. In a survey approach, we test these predictions on a large sample of recent buyers of new automobiles. The results confirm the prediction: A shrinkage of the decision process appears after sixty, and is markedly stronger after seventy-five, two limits suggested by the literature.

Keywords: age; consumer behavior; purchase process; brand loyalty; cautiousness (search for similar items in EconPapers)
Date: 2011-05-17
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Published in 2011

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Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:hal-00593868

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