The aging consumer : perspectives from psychology and economics

At present, about 45 million Americans are over the age of 65, and by 2020, one out of every six Americans will be 65 or older. These statistics are reflective of a worldwide phenomenon in developing and developed countries alike unrivalled since the Industrial Revolution.

This edited volume, written by experts in many fields, examines the economic and psychological research on how aging consumers behave, make decisions, and choose in the marketplace. The book takes stock of what is known, identifies gaps and open questions, and outlines an agenda for future research. It covers topics from the individual to the societal level of analysis.

Author Notes

Aimee Droletis Associate Professor of marketing at UCLA, Anderson School of Business. She is a psychologist who studies consumer decision making. In particular her research focuses on the mental processes that underlie consumers' judgements and choices. Much of her recent research is on elderly consumers.

Carolyn Yoonis Associate Professor of Marketing at the Ross School of Business, University of Michigan. She holds appointments as associate profess of psychology and as faculty associate in research center for Group Dynamics of the Institute for Social research. Her research centers on understanding memory, cognition and judgment processes across the lifespan in social and consumer related contexts. She is a leading expert in the field of consumer neuroscience.

Norbert Schwarzis Charles Horton Cooley Collegiate Professor of Psychology at the University of Michigan, where he holds positions as Professor of Marketing and Research professor in the Survery research center and theResearch center for Group Dynamics of the Institute for Social Research. His research focuses on human cognition, communication and judgment, including its implications for consumer behavior. He has received the Wilhelm Wundt Medal of the German Psychological Association for contributions to psychology as an experimental science.

Reviews 1

Choice Review

The Aging Consumer arrives as America's most populous generation reaches and passes middle age toward senior citizen status. Editors Drolet (UCLA) and Schwarz and Yoon (both, Univ. of Michigan) boast impressive backgrounds in diverse areas of consumer behavior, including the study of consumer habits and meta-rules, decision neuroscience, and the relationships between feeling and thinking in judgment and decision making. The credentials of the editors are evident in their assembly of a strong group of contributing authors. The volume is organized in three sections: "What Changes with Aging," "Decision Making," and "Older Consumers in the Marketplace." Chapters run the gamut from the theoretical to the practical. The topics addressed are useful for the classroom as well as the marketplace, with chapters examining spending patterns, retirement preparation, brand choice, and satisfaction levels among the older population. Additional chapters on the neuroscience of aging, socioemotional selectivity, and the impact of choice abundance and informational complexity make the scope and depth of this volume of great value to researchers, students, and practitioners. Summing Up: Highly recommended. Lower-division undergraduate through professional collections. D. Aron Dominican University

Angela H. GutchessMichael D. Hurd and Susann RohwedderAimee Drolet and Loraine Lau-Gesk and Patti Williams and Hyewook Genevieve JeongEllen PetersGary BurtlessStacy L. Wood and Judith A. Shinogle and Melayne M. McInnesCarolyn Folkman Curasi and Linda L. Price and Eric J. ArnouldCarolyn M. Bonifield and Catherine A. ColeRaphaëlle Lambert-Pandraud and Gilles LaurentCarolyn Yoon and Fred Feinberg and Norbert SchwarzHarry R. Moody and Sanjay SoodNeil Charness and Michael Champion and Ryan Yordon

About the Editors	p. xi
Contributors	p. xiii
Series Foreword	p. xv
Preface	p. xvii
Section 1 What Changes With Aging?
1 Cognitive Psychology and Neuroscience of Aging	p. 3
Overview	p. 3
Effects of Aging on Cognition	p. 3
Effects of Aging on Neural Structure and Function	p. 5
Motivated Cognition and Aging: Behavioral Effects	p. 7
Motivated Cognition and Aging: Neural Effects	p. 9
Motivated Cognition and Aging: Self-Referencing	p. 10
Cognitive Aging Across Cultures	p. 13
Conclusions	p. 17
Acknowledgments	p. 17
References	p. 17
2 Spending Patterns in the Older Population	p. 25
Introduction	p. 25
Age and Consumption	p. 25
Theoretical Considerations	p. 27
Data	p. 29
Income, Wealth, and Total Consumption	p. 32
Conclusions	p. 46
Acknowledgment	p. 46
Appendix 2.1 Estimating Consumption Services Derived From Durables	p. 46
Appendix 2.2 Detailed Composition of Consumption Categories	p. 47
References	p. 49
3 Socioemotional Selectivity Theory: Implications for Consumer Research	p. 51
Introduction	p. 51
Socioemotional Selectivity Theory	p. 53
Socioemotional Selectivity Theory and Consumer Behavior	p. 58
Further Implications of Socioemotional Selectivity Theory for Consumer Research	p. 62
Limitations of Applying SST to Consumer Research and Suggestions for Future Research	p. 66
References	p. 69
Section 2 Decision Making
4 Aging-Related Changes in Decision Making	p. 75
Introduction	p. 75
Good Decision Making Is Fundamental to Maintenance of Independent Functioning	p. 76
Dual Modes of Thinking and Their Impact on Decision Making	p. 77
Age Declines in Deliberative Processes, Including Numeracy	p. 78
Age-Related Compensatory Processes, Including Selectivity, Increased Experience, and Affective Processes	p. 84
Implications for Judgment and Decision Making	p. 89
Facilitating Better Decision Making	p. 91
Conclusion	p. 93
Acknowledgments	p. 94
References	p. 94
5 Do Workers Prepare Rationally for Retirement?	p. 103
Introduction	p. 103
Planning the Retirement Age	p. 106
Saving for Retirement	p. 114
Allocation of Retirement Saving	p. 122
Implications for Policy	p. 125
Acknowledgments	p. 127
References	p. 127
6 New Choices, New Information: Do Choice Abundance and Information Complexity Hurt Aging Consumers' Medical Decision Making?	p. 131
Introduction	p. 131
Aging Consumers' Response to Complexity and Abundance in Health Care Decisions	p. 132
Good Strengths, Bad Weaknesses, and Ugly Decisions	p. 135
An Application to the Medicare Prescription Drug Plan	p. 138
Conclusion	p. 142
Acknowledgments	p. 143
References	p. 143
7 The Aging Consumer and Intergenerational Transmission of Cherished Possessions	p. 149
Introduction	p. 149
Intergenerational Transmission in Families	p. 150
Research Activity	p. 151
Findings	p. 152
Preserving Family Heirlooms	p. 159
Guardianship	p. 163
Transmission and Inalienable Wealth	p. 166
Discussion	p. 168
Acknowledgments	p. 170
References	p. 170
Section 3 Older Consumers in the Marketplace
8 Comprehension of Marketing Communications Among Older Consumers	p. 175
Introduction	p. 175
Background	p. 176
General Discussion	p. 184
References	p. 186
9 Impact of Age on Brand Choice	p. 191
Introduction	p. 191
Selected Results for Brand Choice and Choice Processes	p. 192
Possible Mechanisms	p. 196
Questions for Further Research	p. 201
References	p. 205
10 Why Do Older Consumers Tell Us They Are More Satisfied?	p. 209
Introduction	p. 209
Older and More Satisfied: Findings From the American Customer Satisfaction Index	p. 210
Explanations Based on Changes in External Factors	p. 217
Explanations Based on Age-Related Changes in the Evaluation Process	p. 220
Explanations Based on Age-Related Changes in the Response Process	p. 222
Interactions, Heterogeneity, Person and Product Covariates	p. 224
References	p. 226
11 Age Branding	p. 229
Introduction	p. 229
Age-Denial Brands	p. 230
Age-Adaptive Brands	p. 231
Age-Irrelevant Brands	p. 235
Age-Affirmative Brands	p. 238
Troubled Age Brands	p. 242
Conclusion: The Future of Age Branding	p. 245
References	p. 245
12 Designing Products for Older Consumers: A Human Factors Perspective	p. 249
Introduction	p. 249
Human Factors Framework for Product Use	p. 250
Functional Capabilities and Aging	p. 252
Anthropometrics and Physical Fitness	p. 255
Cognitive	p. 255
Application of Knowledge About Aging	p. 256
Ways to Design	p. 259
Summary	p. 265
References	p. 265
Author Index	p. 269
Subject Index	p. 283

Available:*

On Order

Summary

Summary

Author Notes

Reviews 1

Choice Review

Table of Contents