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Planning ahead: Consumers prefer fewer options when thinking about the future

Date:
August 27, 2012
Source:
Washington University in St. Louis
Summary:
Consumers generally prefer having more options when choosing among products but not when making choices involving the distant future, according to a new study.

Consumers generally prefer having more options when choosing among products but not when making choices involving the distant future, according to a study from Washington University in St. Louis.

"The lure of assortment may not be as universal as previously thought. Consumers' preferences for large assortments can decrease due to a key psychological factor -- psychological distance," write authors Joseph K. Goodman, PhD, and Selin A. Malkoc, PhD, both assistant professors of marketing at Olin Business School.

Retailers have known for decades that consumers prefer large selections and are lured by more options and greater variety. For example, when planning a family outing to an ice cream shop this coming weekend, a consumer would most likely choose the local shop offering 33 flavors over another in the neighborhood offering fewer options.

How universal is this demand for more choice? Are there instances when smaller selections are acceptable or even desirable? The authors find that consumer preference for larger selections decreased for psychologically distant decisions, such as when consumers have to make decisions that are six months away or while on vacation across the country.

They show this change in preference for an array of products and services, namely restaurants, ice cream shops, chocolatiers, home appliances and vacation packages.

"Psychological distance is common concern when consumers are making decisions related to the future such as a vacation, insurance or retirement planning," Malkoc says.

"In such instances, consumers tend to focus on the end goal and less about how to get there and this leads to predictable changes in consumer behavior," she says.

"I'm constantly amazed by the massive amount of choice we have in the marketplace, and it just keeps expanding, making it even more difficult for consumers to make a choice," Goodman says. "I'm very excited about finding instances when consumers might not want so much choice, and can thus avoid some of the difficulty of choosing."

When planning a vacation that is months away, a consumer would probably prefer to hear about fewer dining options in the city they will be visiting than if their vacation was coming up in less than a week.

"In product categories where psychological distance is automatically evoked, it might not be necessary for retailers to offer a large and overwhelming number of options," the authors conclude. "Consumers may even be attracted to those sellers offering a smaller and simpler assortment of options."


Story Source:

The above story is based on materials provided by Washington University in St. Louis. The original article was written by Neil Schoenherr. Note: Materials may be edited for content and length.


Journal Reference:

  1. Joseph K. Goodman and Selin A. Malkoc. Choosing Here and Now versus There and Later: The Moderating Role of Psychological Distance on Assortment Size Preferences. Journal of Consumer Research, 2012 (in press) DOI: 10.1086/665047

Cite This Page:

Washington University in St. Louis. "Planning ahead: Consumers prefer fewer options when thinking about the future." ScienceDaily. ScienceDaily, 27 August 2012. <www.sciencedaily.com/releases/2012/08/120827151627.htm>.
Washington University in St. Louis. (2012, August 27). Planning ahead: Consumers prefer fewer options when thinking about the future. ScienceDaily. Retrieved July 24, 2014 from www.sciencedaily.com/releases/2012/08/120827151627.htm
Washington University in St. Louis. "Planning ahead: Consumers prefer fewer options when thinking about the future." ScienceDaily. www.sciencedaily.com/releases/2012/08/120827151627.htm (accessed July 24, 2014).

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