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To Know and to Care: How Awareness and Valuation of the Future Jointly Shape Consumer Spending

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  • Daniel M. Bartels
  • Oleg Urminsky

Abstract

Reducing spending in the present requires the combination of being both motivated to provide for one's future self (valuing the future) and actively considering long-term implications of one's choices (awareness of the future). Feeling more connected to the future self--thinking that the important psychological properties that define your current self are preserved in the person you will be in the future--helps motivate consumers to make far-sighted choices by changing their valuation of future outcomes (e.g., discount factors). However, this change only reduces spending when opportunity costs are considered. Correspondingly, cues that highlight opportunity costs reduce spending primarily when people discount the future less or are more connected to their future selves. Implications for the efficacy of behavioral interventions and for research on time discounting are discussed.

Suggested Citation

  • Daniel M. Bartels & Oleg Urminsky, 2015. "To Know and to Care: How Awareness and Valuation of the Future Jointly Shape Consumer Spending," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 41(6), pages 1469-1485.
    • Handle: RePEc:oup:jconrs:doi:10.1086/680670
    DOI: 10.1086/680670
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    Cited by:

    1. Michael T Bixter & Samantha L McMichael & Cameron J Bunker & Robert Mark Adelman & Morris A Okun & Kevin J Grimm & Oliver Graudejus & Virginia S Y Kwan, 2020. "A test of a triadic conceptualization of future self-identification," PLOS ONE, Public Library of Science, vol. 15(11), pages 1-39, November.
    2. Yuanhao Huang & Xiaoke Yang & Qian Chen, 2022. "The Negative Effects of Long Time Physical Activity Calorie Equivalent Labeling on Purchase Intention for Unhealthy Food," IJERPH, MDPI, vol. 19(6), pages 1-26, March.
    3. Haizhong Wang & Hong Yuan & Xiaolin Li & Huaxi Li, 2019. "The impact of psychological identification with home-name stocks on investor behavior: an empirical and experimental investigation," Journal of the Academy of Marketing Science, Springer, vol. 47(6), pages 1109-1130, November.
    4. Malgorzata Grzywinska-Rapca, 2021. "Economic Welfare and Subjective Assessments of Financial Situation of European Households," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 948-968.
    5. Geoffrey Fisher, 2023. "Measuring the Factors Influencing Purchasing Decisions: Evidence From Cursor Tracking and Cognitive Modeling," Management Science, INFORMS, vol. 69(8), pages 4558-4578, August.
    6. Xiaoke Yang & Yuanhao Huang & Xiaoying Cai & Yijing Song & Hui Jiang & Qian Chen & Qiuhua Chen, 2021. "Using Imagination to Overcome Fear: How Mental Simulation Nudges Consumers’ Purchase Intentions for Upcycled Food," Sustainability, MDPI, vol. 13(3), pages 1-21, January.
    7. Zhu, Alex Yue Feng, 2024. "Optimizing financial decision-making for emerging adults: A compact Python-based personalized financial projection approach," Technology in Society, Elsevier, vol. 77(C).
    8. Muhammad Wasif Hanif & Shakir Hafeez & Naveed Iqbal & Syed Afzal Moshadi Shah & Muhammad Asim Afridi, 2021. "Wastophobia: A Path Towards Sustainability in Responsible Behavior-A Case of Domestic Sector Electricity Waste Management," International Journal of Energy Economics and Policy, Econjournals, vol. 11(5), pages 121-129.
    9. Yuanyuan Liu & Timothy B. Heath & Ayse Onculer, 2020. "The Future Ambiguity Effect: How Narrow Payoff Ranges Increase Future Payoff Appeal," Management Science, INFORMS, vol. 66(8), pages 3754-3770, August.
    10. Zhenzhong Guan & Na Zhao & Panpan Hao, 2017. "Could consumer choice be influenced by intertemporal factors? a study of consumer behavior in the Chinese theme park “S” in Chengdu," Service Business, Springer;Pan-Pacific Business Association, vol. 11(4), pages 741-766, December.
    11. Stacie F. Waites & Adam Farmer & Carol L. Esmark Jones, 2021. "Building toward a solid foundation: The effect of thinking concretely about the future," Journal of Consumer Affairs, Wiley Blackwell, vol. 55(1), pages 254-273, March.
    12. Geoffrey Fisher, 2021. "Intertemporal Choices Are Causally Influenced by Fluctuations in Visual Attention," Management Science, INFORMS, vol. 67(8), pages 4961-4981, August.
    13. Wang, Lili & Kim, Sara & Zhou, Xinyue, 2023. "Money in a “Safe” place: Money anthropomorphism increases saving behavior," International Journal of Research in Marketing, Elsevier, vol. 40(1), pages 88-108.
    14. Fedorenko, Ivan & Berthon, Pierre & Rabinovich, Tamara, 2017. "Crowded identity: Managing crowdsourcing initiatives to maximize value for participants through identity creation," Business Horizons, Elsevier, vol. 60(2), pages 155-165.
    15. Daniel Read & Christopher Y. Olivola & David J. Hardisty, 2017. "The Value of Nothing: Asymmetric Attention to Opportunity Costs Drives Intertemporal Decision Making," Management Science, INFORMS, vol. 63(12), pages 4277-4297, December.

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