Price consciousness refers to a predisposition to focus “exclusively on paying low prices” (Lichtenstein et al. 1993, p. 235). In the literature, price consciousness has been viewed as a consumer char- acteristic related to savings as one form of economic/ utilitarian benefits (Ailawadi et al. 2001; Steenkamp and Maydeu-Olivares 2015). Previous studies also report in- creased enjoyment and excitement as psychological bene- fits associated with price consciousness (Ramaswamy and Srinivasan 1998). These benefits raise the individuals’ stimulation level. Further, the desire for low prices can create higher levels of uncertainty and risk regarding brand performance.
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