Climbing out of an economic crisis: A cycle of consumer sentiment and personal stress

Giesen, Roxanne I. van; Pieters, Rik

doi:10.1016/j.joep.2018.12.004

Cited by 20 publications

(19 citation statements)

References 49 publications

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“…Consistent with evidence that economic confidence declines during disasters (Brodeur, 2018;van Giesen & Pieters, 2019;Kuang et al, 2011), we demonstrated that economic confidence in the household and country diminished amid a contagious-disease outbreak. Extending and deepening prior studies, we found that such a claim has boundary conditions of the time frame and heterogeneity for distinct risk perception classes.…”

Section: Risk Perception Types and Their Precursors And Consequencessupporting

confidence: 90%

“…However, recent research has increasingly used a person-oriented approach (Bergman et al, 2003;Yang & Xin, 2016) to seek patterns or classes of individuals based on the different components of risk perception (e.g. Barnes et al, 2013;Seidl et al, 2013;Tan & Xu, 2019). For the present investigation, we adopted a person-oriented approach and aimed to illustrate the patterns or classes of risk perception for theoretical and practical reasons.…”

Section: Risk Perceptionmentioning

confidence: 99%

“…At the aggregate level, countries during periods of higher (vs. lower) economic confidence exhibited more employment, higher consumer expenditure, and faster growth of gross domestic product (GDP) (Brodeur, 2018;Ludvigson, 2004). At the individual level, individuals who had more confidence in the economy feel higher subjective well-being and more self-efficacy in career decision-making (van Giesen & Pieters, 2019;Kuang et al, 2011). Previous research has found that economic confidence is vulnerable to environmental risks such as terror attacks and financial crises (e.g.…”

Section: Implications Of Risk Perception Type For Economic Confidencementioning

confidence: 99%

“…According to the affect‐as‐information model (Clore et al, 2001), people tend to take their current risk feelings as a starting point to judge and anticipate the objective situation, generalising risk feelings in one domain to those in another realm. In the field of economic confidence, evidence has shown that distress perception could lead to economic pessimism because of generalisation and assimilation from the personal state to the economic state (van Giesen & Pieters, 2019). Moreover, another line of research on optimism bias has found that increases in perceived uncontrollability erode confidence in positive events (Weinstein, 1980).…”

Section: Implications Of Risk Perception Type For Economic Confidencementioning

confidence: 99%

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Heterogeneous Risk Perception amid the Outbreak of COVID‐19 in China: Implications for Economic Confidence

Yang

Xin

2020

Applied Psych Health & Well

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Background: The ongoing coronavirus disease 2019 (COVID-19) outbreak has elicited concerns about public fear and economic fallout. The current study takes a person-oriented approach to identify the unique response patterns that underlie three risk perception components (likelihood, severity, and protection efficacy) of COVID-19, with information sources as precursors and economic confidence as outcomes. Methods: A total of 1,074 Chinese citizens participated in a national online survey in early February 2020. Results: A latent profile analysis showed that participants exhibited one of three classes: Risk Neutrals (49.9%; moderate in all components), Risk Deniers (14.3%; low likelihood, low severity, and high protection efficacy), or Risk Exaggerators (35.8%; high likelihood, high severity, and low protection efficacy). Subsequent analyses showed that reliance on unofficial sources (gossip and news spread among friends; WeChat) positively correlated with membership in the Risk Exaggerators class. In turn, belonging in the Risk Exaggerators class correlated with the lowest short-term (but not long-term) economic confidence. Conclusions: This study suggests that exploring the heterogeneity of the public risk perception might help the government to design differentiated risk communication strategies during the COVID-19 outbreak.

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Section: Risk Perception Types and Their Precursors And Consequencessupporting

confidence: 90%

Section: Risk Perceptionmentioning

confidence: 99%

Section: Implications Of Risk Perception Type For Economic Confidencementioning

confidence: 99%

Section: Implications Of Risk Perception Type For Economic Confidencementioning

confidence: 99%

See 2 more Smart Citations

Heterogeneous Risk Perception amid the Outbreak of COVID‐19 in China: Implications for Economic Confidence

Yang

Xin

2020

Applied Psych Health & Well

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“…Given this uncertainty and the already reported correlation between pessimism and depression [ 45 ], one of the contributions of the present study is that the existence of an emotional seasonal cycle compatible with the length of daylight may be assumed from the seasonal optimism/pessimism cycle associated with the length of daylight shown in the present study. A recent study reported a positive association between consumer sentiment and mental stress [ 50 ]. Similarly, several studies confirmed the associations between the expectation of future economy and happiness/mental health [ 51 – 53 ].…”

Section: Discussionmentioning

confidence: 99%

Are consumer confidence and asset value expectations positively associated with length of daylight?: An exploration of psychological mediators between length of daylight and seasonal asset price transitions

Sekizawa

Konishi

2021

PLoS ONE

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Many economists claim that asset price transitions, particularly stock price transitions, have a seasonal cycle affected by length of daylight. Although they claim that the seasonal affective disorder (SAD) is a mediator between the length of daylight and asset price transitions, recent studies in psychology have been inconclusive about the existence of SAD, and some economics studies disagree regarding the involvement of SAD in seasonal stock price transitions. The purpose of the present study is to examine if there is any psychological mediator linking length of daylight and seasonal asset price transitions as an alternative or supplement to SAD. As a possible mediator, we examined Japan’s consumer confidence index (CCI) and asset value expectations (AVE), which indicate people’s optimism for future economy and are generated from a monthly household survey by the Japanese government. We analyzed individual longitudinal data from this survey between 2004 and 2018 and estimated four fixed-effects regression models to control for time-invariant unobserved heterogeneity across individual households. The results revealed that, (i) there was a seasonal cycle of CCI and AVE; the trough occurred in December and the peak in early summer; (ii) the length of daylight time was positively associated with CCI and AVE; and (iii) the higher the latitude, the larger the seasonal cycle of CCI and AVE became. These findings suggest that the length of the daylight may affect asset price transitions through the cycle of optimism/pessimism for future economy exemplified by the CCI and AVE.

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Engagement in vice food and beverage consumption: The role of perceived lack of control

Lunardo

Jaud

Jaspers

2022

Psychology and Marketing

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Prior research has established a link between lacking control over one's life, the resulting stress, and the maladaptive outcome of eating disorders. However, such research has left unexamined the exact link among perceptions of control, stress, and unhealthy food choices. This study aims to fill this gap by identifying the exact sequence linking these variables and explaining why stress induced by low control leads to engagement in vice food consumption. Based on self-licensing theory, we predict that a perceived lack of control indirectly prompts people to engage in vice food and beverage consumption, because a lack of control leads to higher personal stress and, consequently, a need to escape through self-indulgence. Across one survey-based study in France and two experiments (in the United States and the United Kingdom), we find consistent support for our hypothesis. The results support the prediction that a perceived lack of control increases the consumption of unhealthy foods and beverages. Specifically, when consumers feel a lack of control over their life, they experience stress, seek an escape from this stress, and end up self-indulging through the consumption of vice food and beverages. For public policy-makers and brand managers, the results suggest that having people perceive more control over their life is of particular importance to staying healthy.

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Climbing out of an economic crisis: A cycle of consumer sentiment and personal stress

Cited by 20 publications

References 49 publications

Heterogeneous Risk Perception amid the Outbreak of COVID‐19 in China: Implications for Economic Confidence

Heterogeneous Risk Perception amid the Outbreak of COVID‐19 in China: Implications for Economic Confidence

Are consumer confidence and asset value expectations positively associated with length of daylight?: An exploration of psychological mediators between length of daylight and seasonal asset price transitions

Engagement in vice food and beverage consumption: The role of perceived lack of control

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