Mature Consumers Speak: Insights on Information Search and Self-Efficacy for Service Purchases

Abstract

Mature consumers (age 55 years and older) hold the majority of purchasing power in the United States, but relatively little consumer research is focused on this group. The present project examines mature consumers' decision-making process for service purchases, focusing specifically on information search and choice of service providers. Three qualitative focus groups illuminate common themes, which are then tested with a quantitative survey examining self-efficacy in service decisions. Patterns suggest that men consult more types of information sources (breadth); women prefer fewer types of sources, but more sources within a particular type of source (depth). Conclusions provide insights into the effect of self-efficacy on mature consumer service decisions.