Featured Research

from universities, journals, and other organizations

Time versus money? Placing a value on buyer's remorse

Date:
March 11, 2014
Source:
Journal of Consumer Research, Inc.
Summary:
From a product’s price to its convenience, ease of use, and number of overall features, many factors play into getting the most “bang for your buck.” According to a new study, when it comes to weighing tradeoffs, selecting something more expensive based on perceived value might lead to buyer’s remorse in the long run.

From a product's price to its convenience, ease of use, and number of overall features, many factors play into getting the most "bang for your buck." According to a new study in the Journal of Consumer Research, when it comes to weighing tradeoffs, selecting something more expensive based on perceived value might lead to buyer's remorse in the long run.

"We propose that when making an immediate decision between complexity and convenience, consumers believe that products with more features and functions represent higher value, even if the complex product might lead to more confusion over time," write authors Kelly Kiyeon Lee (Washington University in St. Louis) and Min Zhao (University of Toronto).

For example, consider a consumer who is looking for photo-editing software to create a photo album in two months' time. The available software choices include either a more expensive program with a full range of image-editing features that is difficult to learn and use or a less expensive program that features a simple user-interface and easy installation but has limited image-editing features.

Because the software will be used in the distant future, the consumer tends to focus on the functionality of the software, ignoring the inconvenience of learning how to use the program. However, as the time to create the photo album draws near, overall ease-of-use becomes a bigger priority than the product's range of image-editing features and the consumer may express remorse in spending more money on the complex software.

Over four experiments involving tradeoffs between complex and convenient products, the researchers observed the effect price had on participants' product selections over time. After seeing price information, participants valued functionality over ease of use and they preferred products with more features and options despite the higher price.

"Brands offering products with a steep price tag can help consumer satisfaction and decrease buyer's remorse by helping people stay committed to their chosen products over time," the authors conclude.


Story Source:

The above story is based on materials provided by Journal of Consumer Research, Inc.. Note: Materials may be edited for content and length.


Journal Reference:

  1. Kelly Kiyeon Lee and Min Zhao. The Effect of Price on Preference Consistency Over Time. Journal of Consumer Research, June 2014

Cite This Page:

Journal of Consumer Research, Inc.. "Time versus money? Placing a value on buyer's remorse." ScienceDaily. ScienceDaily, 11 March 2014. <www.sciencedaily.com/releases/2014/03/140311123928.htm>.
Journal of Consumer Research, Inc.. (2014, March 11). Time versus money? Placing a value on buyer's remorse. ScienceDaily. Retrieved July 30, 2014 from www.sciencedaily.com/releases/2014/03/140311123928.htm
Journal of Consumer Research, Inc.. "Time versus money? Placing a value on buyer's remorse." ScienceDaily. www.sciencedaily.com/releases/2014/03/140311123928.htm (accessed July 30, 2014).

Share This




More Mind & Brain News

Wednesday, July 30, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

It's Not Just Facebook: OKCupid Experiments With Users Too

It's Not Just Facebook: OKCupid Experiments With Users Too

Newsy (July 29, 2014) If you've been looking for love online, there's a chance somebody has been looking at how you're looking. Video provided by Newsy
Powered by NewsLook.com
How Your Face Can Leave A Good Or Bad First Impression

How Your Face Can Leave A Good Or Bad First Impression

Newsy (July 29, 2014) Researchers have found certain facial features can make us seem more attractive or trustworthy. Video provided by Newsy
Powered by NewsLook.com
Losing Sleep Leaves You Vulnerable To 'False Memories'

Losing Sleep Leaves You Vulnerable To 'False Memories'

Newsy (July 27, 2014) A new study shows sleep deprivation can make it harder for people to remember specific details of an event. Video provided by Newsy
Powered by NewsLook.com
University Quiz Implies Atheists Are Smarter Than Christians

University Quiz Implies Atheists Are Smarter Than Christians

Newsy (July 25, 2014) An online quiz from a required course at Ohio State is making waves for suggesting atheists are inherently smarter than Christians. Video provided by Newsy
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:

Breaking News:
from the past week

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile: iPhone Android Web
Follow: Facebook Twitter Google+
Subscribe: RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins