The Impact Of Consumption Value On University Students' Decision Making

This study focuses on the impact of consumption value on decision making in the process of consumers'product choosing. After the literature search, we proposed 2 hypotheses. Hypothesis 1:Consumption value affects decision making style. People with more functional consumption value tend to rational decision process. And people with more non-functional consumption value tend to intuitive decision process. Hypothesis 2:Both consumption value and product meaning affect consumers decision making style.This study contains 2 studies. Subjects in both studies are university students. In study 1, we developed the Consumption Value Questionnaire and Decision Making Style Questionnaire. Then analyze the relationship between functional and non-functional value with intuitive and rational decision making.Study 2 is a 2*2*3 mixed design (High vs Low functional consumption value* High vs Low non-functional consumption value* Instrumental vs Neutral vs Symbolic product meaning). Functional consumption value and non-functional value are both between subject factors while product meaning is within subject factor. We found out the typical instrumental, neutral and symbolic product (PC, Mobile Phone and Casual Shoes) with a prior study. The subjects first filled in the Consumption Value Questionnaire. Then complete the simulated consumption choice task. The subjects' reaction time was recorded. According to the dual-process theory of decision making, the reaction time is shorter when subjects'process style tends to intuitive decision making.After the analysis of the studies results, we come to the following conclusions.a. Both functional and non-functional values have significant impact on rational decision making. But functional value has a bigger effect.b. Non-functional consumption value has significant impact on intuitive decision making.c. Product meaning affects decision making significantly. Compared to neutral and symbolic products, people tend to rational decision making when choose instrumental products.The 2 studies' results partly verified our 2 hypotheses.