Information search for home, medical, and financial services by mature consumers

Abstract

PurposeThe purpose of this paper is to examine the information search behaviors of mature consumers (age 55 and older) for new service purchases across several contexts.Design/methodology/approachAlmost 200 mature consumers in the Midwestern USA were surveyed regarding new home, medical, or financial service purchases made within the past 12 months. Questions regarding information search, importance of different information sources, satisfaction with the service decision, and demographics were collected.FindingsMature consumers consulted few information sources for service decisions, irrespective of context. Service context did affect the number of service providers considered; significantly fewer providers were considered for medical and financial services than for home services. Information search was negatively related to age, but unrelated to service outcome satisfaction and responsibility for the decision.Research limitations/implicationsNo comparison was made between the search behavior of older and younger consumers. Although the breadth of information search was examined, the depth of search within each type of information source was not. As a descriptive study, it was not possible to address why such little external search was conducted. A convenience sample was used.Practical implicationsMature consumers conducted more external search for less‐involved service contexts (e.g. home services) than for those more‐involved (e.g. medical and financial services). Companies are beginning to realize the value of maintaining relationships with mature consumers; the results may suggest ways to improve those relationships with mature consumers by detailing the service decision process. Additionally, public policy interventions or education programs based on the work might help mature consumers to learn better service decision strategies.Originality/valueA large range of ages was sampled in the study (respondents ranged from 55 to 93) and multiple responses were obtained from some participants across several service contexts, allowing for a within‐subjects design of the survey. It was then possible to explore the effect of context on the number of service providers considered and the number of external information sources consulted prior to purchase.