Science of Emotion and Sensibility (감성과학)

Korean Society for Emotion and Sensibility (한국감성과학회)
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Decision-Making of Consumers with Higher Pain of Payment: Moderating Role of Pain of Payment When Payment Conditions Differ

  • Koh, Geumjoung (Department of Cognitive Science, Yonsei University) ;
  • Sohn, Young Woo (Department of Psychology, Yonsei University) ;
  • Rim, Hye Bin (Department of Industrial Psychology, Kwangwoon University)
  • Received : 2018.10.01
  • Accepted : 2018.10.28
  • Published : 2018.12.31
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Abstract

The present study explores two relationships: first, between number of payment and payment option preference, and second, total sum and payment option preference, with pain of payment as a mediator variable. The analyses revealed that consumers who feel higher pain of payment preferred the pennies-a-day pricing to the aggregate pricing when the per-payment price is low. Consumers who experience higher pain of payment prefer to pay in small frequent installments because they feel the small per-payment price can be comparable to daily expense. Consumers who experienced higher pain of payment preferred aggregate pricing to pennies-a-day pricing when the per-payment price was high. When the per-payment price is high, it is no longer comparable to daily expense, thus leading to greater pain of payment among consumers. The study discusses the implications for mechanism of pain of payment on payment option preference.

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References

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