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This chapter reviews research on the effects of aging on consumer psychology. Specifically, it describes the effects of aging on consumers’ sensory, cognitive, emotional, and motivational systems. Much past research suggests that mental changes due to aging worsen consumer decision-making. However, the negative effects of aging on sensory and cognitive processes are selective and co-occur with the positive effects of aging on emotion regulation ability. In addition, past experience can help protect against aging’s harmful effects on decision quality. This chapter is meant to highlight the limited understanding of older consumers, the so-called silver segment, and sharpen marketing’s focus on a consumer segment that has been understudied and undervalued despite their growing size and relative income.
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