Consumer spending self-control effectiveness and outcome elaboration prompts

• Published in: Journal of the Academy of Marketing Science Vol. 40; no. 5; pp. 695 - 710
• Main Authors: Haws, Kelly L., Bearden, William O., Nenkov, Gergana Y.
• Format: Journal Article
• Language: English
• Published: Boston Springer US 01.09.2012; Springer; Springer Nature B.V
• Subjects: Bankruptcy; Behavior; Business and Management; Consumer behavior; Consumer spending; Consumers; Consumption; Decision making; Marketing; Original Empirical Research; Personality; Self control; Social Sciences; Sociological research; Studies; United States; Future outcome elaboration; Credit cards; Outcome elaboration prompts; Self-control; Goals; Spending
• DOI: 10.1007/s11747-011-0249-2
• ISSN: 0092-0703

Decision making related to finances is of significant importance. A major factor underlying financial decision making involves differences in consumers’ spending self-control (CSSC). We conceptualize CSSC as an individual difference, distinct from general self-control, develop a parsimonious measure to assess it, and demonstrate important related consequences and behaviors. Further, we examine how underlying differences in CSSC impact the effectiveness of a self-control strategy that has recently received attention in public policy legislation—enhancing consumers’ awareness of the future consequences of present behavior through the provision of outcome elaboration prompts. Results from our studies suggest that outcome elaboration prompts (that is, external stimuli used to encourage consumers to consider the future outcomes of their present decisions) differentially impact consumers’ self-control effectiveness depending on their inherent CSSC. Specifically, the presence of outcome elaboration prompts enhances self-control for low CSSC consumers, but does not affect the choices of high CSSC consumers. Furthermore, we provide direct evidence that it is a differential focus on future outcomes that drives the distinct responses of high- versus low-CSSC consumers to the provision of outcome elaboration prompts.