Competent consumers? Consumer competence profiles in Norway

Abstract

AbstractConsumer competence is increasingly important in today’s commercialized society. This paper refers to some main findings from a national representative survey on consumer competences and practices in Norway. To be a competent consumer, it is decisive to be informed about products and to be familiar with how markets function. In this paper, consumers’ self‐reported efforts to keep themselves informed about specific markets is treated as an indicator of consumer competence. First, the results indicate that Norwegian consumers’ competence, according to their own judgement, is rather mediocre. Second, different groups of consumers seem to have different consumer competence profiles. Accordingly, we find that some consumers are price‐conscious in their daily purchases, others are price‐conscious when they make their yearly dispositions in the financial markets, while a third group is community‐oriented and active in the environmentally friendly and ethical product markets. Third, the analysis indicates that consumer competence is an important indicator of how market‐rational and reflective consumers’ choices and practices are.