An Analysis of the Elderly Consumption Behaviour Based on Behavioral Economics

Abstract

The phenomenon of population ageing has become a significant issue in the majority of countries worldwide, particularly in developed countries. Many countries are now exploring the elderly consumer market, hoping that the spending power of senior citizens can boost their national economies. However, due to factors such as the decline in cognitive ability with age, changes in social circles, and technological advances, the elderly may exhibit irrational decision-making behaviors that are difficult to judge, making it challenging to regulate the senior consumer market. Some industries even find themselves teetering on the edge of legality. This paper focuses on the characteristics of elderly consumer behaviour and analyses them through the lens of behavioural economics. Qualitative analysis, comparative analysis, and other methods are employed to study cognitive biases, social influences, as well as time preferences in the decision-making process. In addition, specific research is conducted on the unique aspects of the older population compared to other age groups.

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