Age, Perceived Risk and Satisfaction in Consumer Decision Making: A Review and Extension

Abstract

This paper presents results from an empirical study (n=230) of age groups and risk, concluding that popular assumptions about differences between age groups need to be challenged. We draw on the literature noting the lack of consensus and relative paucity of empirical studies in high involvement purchases. Our analysis defines the issues associated with age and the impact of defining age groups on our understanding of risk and its reduction. The results show that age differences are associated with specific risk factors and that the relationship of age and behaviour is not always linear. Whilst most marketing practitioners tend to see the older groups as separate and different, we found little evidence to support this simplistic view, and we highlight the need for more sophisticated age-based segmentation.

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