Consumers through the lens of financial scarcity-review and future research agenda

Abstract

Purpose In recent years, financial scarcity has gained significant attention from researchers. However, it still lacks a comprehensive review from consumers’ perspectives and a framework that captures how financial scarcity influences individuals throughout the decision-making process. This article aims to address these gaps by integrating existing research to provide a more holistic understanding of consumer responses to financial scarcity. Design/methodology/approach A systematic review approach was adopted in this paper to synthesize and analyze the articles. Fifty-five articles were obtained for the final analysis through a 4-step process. Findings Using a dual-processing lens, this study synthesizes key variables from the existing literature to present a framework that connects them to the broader decision-making process under financial scarcity. The framework highlights how consumer decision-making progresses from reliance on fast, intuitive mechanisms in the initial stages to more deliberate, thoughtful processes in the later stages. This progression reflects how individuals experiencing scarcity assign focus to their scarce resources. Additionally, the study identifies major research traditions, theories and methodologies used in this domain and outlines avenues for future research. Originality/value This study integrates research relevant to consumer behavior under financial scarcity and provides a novel framework that deepens our understanding of its intricacies and steers future research, benefiting researchers and managers alike.

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