The impact of time perception on consumer’s intertemporal choices: a study on self-improvement and self-enhancement products

Abstract

Consumer decisions often have both short- and long-term consequences, making Subjective Time Perception an important variable in intertemporal choice research. However, limited studies have explored the relationship between the subjective time perception and intertemporal choices in specific product contexts. To gain a deeper understanding of consumer behavior, it is crucial to examine how subjective time perception (STP) impacts the decision-making process. This study focuses on subjective time perception and its effect on intertemporal choices, while also considering the moderating role of product type (self-improvement vs. self-enhancement). Study 1 shows that individuals with a shorter sense of STP are more inclined to choose delayed rewards. Study 2 further confirms that consumers make different intertemporal choices based on the product type. For self-improvement products, individuals with a shorter STP are more likely to choose delayed rewards, whereas those with a longer STP are more inclined to choose immediate rewards. On the other hand, for self-enhancement products, there was no difference in intertemporal choices. Lastly, Study 3 reveals that the way individuals perceive time plays a significant moderating role in how product type influences intertemporal choices. The research findings confirm previous evidence on the important role of time perception in intertemporal choices under different product contexts.