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.

Related Articles


"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 February 27, 2015 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 February 27, 2015).

Share This


More From ScienceDaily



More Mind & Brain News

Friday, February 27, 2015

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Sleeping Too Much Or Too Little Might Increase Stroke Risk

Sleeping Too Much Or Too Little Might Increase Stroke Risk

Newsy (Feb. 26, 2015) People who sleep more than eight hours per night are 45 percent more likely to have a stroke, according to a University of Cambridge study. Video provided by Newsy
Powered by NewsLook.com
Mayor Says District of Columbia to Go Ahead With Pot Legalization

Mayor Says District of Columbia to Go Ahead With Pot Legalization

Reuters - News Video Online (Feb. 25, 2015) Washington&apos;s mayor says the District of Columbia will move forward with marijuana legalization, despite pushback from Congress. Rough Cut (no reporter narration). Video provided by Reuters
Powered by NewsLook.com
Marijuana Nowhere Near As Deadly As Alcohol: Study

Marijuana Nowhere Near As Deadly As Alcohol: Study

Newsy (Feb. 25, 2015) A new study says marijuana is about 114 times less deadly than alcohol. Video provided by Newsy
Powered by NewsLook.com
Researchers Replace Damaged Hands With Prostheses

Researchers Replace Damaged Hands With Prostheses

Newsy (Feb. 25, 2015) Scientists in Austria have been able to fit patients who&apos;ve lost the use of a hand with bionic prostheses the patients control with their minds. 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:

Strange & Offbeat Stories


Health & Medicine

Mind & Brain

Living & Well

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