Older adults constitute a rapidly growing demographic segment, but stereotypes persist about their consumer behavior. Thus, a more considered understanding of age-associated changes in decision making and choices is required. Our underlying theoretical model suggests that ageassociated changes in cognition, affect, and goals interact to differentiate older consumers' decision-making processes, brand choices, and habits from those of younger adults. We first review literature on stereotypes about the elderly and then turn to an analysis of age differences in the inputs (cognition, affect, and goals) and outputs (decisions, brand choices, and habits) of the choice process.Keywords: older consumers, decision making, choice 2 Older consumers represent an increasingly large and financially powerful part of the population worldwide. We propose that age-associated changes in cognition, affect, and goals intermingle to influence older consumers' decision-making processes and choices and thus distinguish these processes as different from those used by younger adults. This review attempts to achieve a more considered understanding of age differences in the inputs (cognition, affect, and goals) and outputs (decisions, brand choices, and habits) of choice processes. For example, extant literature focuses largely on the ways in which one input (e.g., memory) affects a single output (e.g., brand choice). We organize the review around stereotypes, inputs, outputs, and further research, but we expressly highlight the complex interrelationships among these concepts.
StereotypesSection Author: Michael I. Norton People tend to possess stereotypical views of the elderly, regarding them as kindly, warm, and friendly but simultaneously incompetent, ineffective, and helpless (Fiske, Cuddy, Glick, and Xu, 2002)-beliefs that are evident across cultures (Cuddy, Norton, and Fiske, 2005). Marketers take a similar view of the elderly, imagining them as a homogenous group that differs qualitatively from younger consumers in both abilities and preferences. Just as media stereotypically portray the elderly (Vasil and Wass, 1993), marketers tend to portray them similarly in advertisements (McConatha, Schnell, and McKenna, 1999). Marketing scholars and practitioners routinely group the elderly into one catch-all category of persons 65 years of age and older, which may include as much as a 40-year span because of increases in longevity (i.e., grouping consumers aged 65 years with those older than 100 years). Such a broad grouping for a different cohort, say from 10 to 50 years of age, would seem ridiculous and demonstrates the 2 heterogeneity in preferences and needs within such a wide grouping. Even if fewer preference changes occur in later life, the heterogeneity in preferences, needs, and wants among consumers aged 65 to 100 years are likely considerable.Furthermore, despite the substantial overlap in abilities, preferences, and goals between older and younger consumers, substantial differences also mark them. For example, the elder...