The influence of aging on consumer decision‐making

The worldwide phenomenon of population aging has generated increasing interest among consumer researchers in understanding the complicated influence of aging on consumer mental processes and behavior. This article reviews significant changes due to aging in sensory functioning, cognition, and affect and motivation on consumer decision‐making. Whereas some age‐related changes have negative effects on the quality of decision processes and outcomes, others have positive effects. The current review demonstrates the importance of using different approaches to address the needs and well‐being of older consumers versus younger consumers.