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Luxury and pleasure in eighteenth-century Britain
This book explores the invention, making, and buying of new, semi-luxury, and fashionable consumer goods during the 18th century. It follows these goods, from china tea ware to all sorts of metal ornaments such as candlesticks, cutlery, buckles, and buttons, as they were made and shopped for, then displayed in the private domestic settings of Britain's urban middling classes. It tells the stories and analyses the developments that led from a global trade in Eastern luxuries beginning in the sixteenth century to the new global trade in British-made consumer goods by the end of the 18th century. These new products, regarded as luxuries by the rapidly growing urban and middling-class people of the 18th century, played an important part in helping to proclaim personal identities and guide social interaction. Customers enjoyed shopping for them; they took pleasure in their beauty, ingenuity or convenience. All manner of new products appeared in shop windows; sophisticated mixed-media advertising seduced customers and created new desires. This unparalleled ‘product revolution’ provoked philosophers and pundits to proclaim a ‘new luxury’, one that reached out to the middling and trading classes, unlike the elite and corrupt luxury of old. This book is built on a fresh empirical base drawn directly from customs accounts, advertising material, company papers, and contemporary correspondence. The book traces how this new consumer society of the 18th century and the products first traded, then invented to satisfy it, stimulated industrialisation itself.
eBook
Country of origin effects in developed and emerging markets: Exploring the contrasting roles of materialism and value consciousness
Despite growing evidence about differences in the attitudes and behaviors of consumers in emerging and developed markets, there is little research on the differences in country of origin (COO) effects on their evaluation, behavioral intentions (BIs), and actual purchase of imported products. This paper introduces a new conceptual framework incorporating consumer ethnocentrism (CET), materialism (MAT), and value consciousness (VC) to hypothesize several differences in the influence of COO effects on consumers from developed and emerging markets. A web-based study with 1752 consumers in four countries representing two developed markets (the UK and the USA) and two emerging markets (China and India) shows significant differences in the moderating influence of CET, MAT, and VC on the effects of COO on the evaluations and BIs for a fictitious passenger car brand, and on the actual choice of car brands owned by them. The findings highlight the importance of looking beyond CET at other relevant psychographic variables to understand the differences in motivations underlying consumer perceptions and behavior towards imported products.
Journal Article
Overconfident Consumers in the Marketplace
The term overconfidence is used broadly in the psychology literature, referring to both overoptimism and overprecision. Overoptimistic individuals overestimate their own abilities or prospects. In contrast, overprecise individuals place overly narrow confidence intervals around forecasts, thereby underestimating uncertainty. These biases can lead consumers to misforecast their future product usage, or to overestimate their abilities to navigate contract terms. In consequence, consumer overconfidence causes consumers to systematically misweight different dimensions of product quality and price. Poor choices based on biased estimates of a product's expected costs or benefits are the result. For instance, overoptimism about self-control is a leading explanation for why individuals overpay for gym memberships that they underutilize. Similarly, overprecision is a leading explanation for why individuals systematically choose the wrong calling plans, racking up large overage charges for exceeding usage allowances in the process. Beyond these market effects of overconfidence, this paper addresses three additional questions: What will firms do to exploit consumer overconfidence? What are the equilibrium welfare consequences of consumer overconfidence for consumers, firms, and society? And what are the implications of consumer overconfidence for public policy?
Journal Article
Creating the Responsible Consumer: Moralistic Governance Regimes and Consumer Subjectivity
Responsible consumption conventionally stems from an increased awareness of the impact of consumption decisions on the environment, on consumer health, and on society in general. We theorize the influence of moralistic governance regimes on consumer subjectivity to make the opposite case: responsible consumption requires the active creation and management of consumers as moral subjects. Building on the sociology of governmentality, we introduce four processes of consumer responsibilization that, together, comprise the P.A.C.T. routine (personalization, authorization, capabilization, and transformation). After that, we draw on a longitudinal analysis of problem-solving initiatives at the World Economic Forum in Davos, Switzerland, to explore the role of P.A.C.T. in the creation of four, now commonplace, responsible consumer subjects: the bottom-of-the-pyramid consumer, the green consumer, the health-conscious consumer, and the financially literate consumer. Our analysis informs extant macro-level theorizations of market and consumption systems. We also contribute to prior accounts of responsibilization, marketplace mythologies, consumer subjectivity, and transformative consumer research.
Journal Article
Information, Animal Spirits, and the Meaning of Innovations in Consumer Confidence
Innovations to consumer confidence convey incremental information about economic activity far into the future. Does this reflect a causal effect of animal spirits on economic activity, or news about exogenous future productivity received by consumers? Using indirect inference, we study the impulse responses to confidence innovations in conjunction with an appropriately augmented New Keynesian model. While news, animal spirits, and pure noise all contribute to confidence innovations, the relationship between confidence and subsequent activity is almost entirely reflective of the news component. Confidence innovations are well characterized as noisy measures of changes in expected productivity growth over a relatively long horizon.
Journal Article