Decision Making and Brand Choice by Older Consumers

Cahier de Recherche du Groupe HEC Paris, n° 880/2007Older adults constitute a rapidly growing demographic segment, but stereotypes persist about their consumer behavior. Thus, a more considered understanding of age-associated changes in decision making and choices is required. Our underlying theoretical model suggests that age-associated changes in cognition, affect, and goals interact to differentiate older consumers' decision-making processes, brand choices, and habits from those of younger adults. We first review literature on stereotypes about the elderly and then turn to an analysis of age differences in the inputs (cognition, affect, and goals) and outputs (decisions, brand choices, and habits) of the choice process