Consumer dynamics: theories, methods, and emerging directions

Consumer attitudes and behaviors are fundamentally dynamic processes; thus, understanding consumer dynamics is crucial for truly understanding consumer behaviors and for firms to formulate appropriate actions. Recent history in empirical marketing research has enjoyed increasingly richer consumer data as the result of technology and firms’ conscious data collection efforts. Richer data, in turn, have propelled the development and application of quantitative methods in modeling consumer dynamics, and have contributed to the understanding of complex dynamic behaviors across many domains. In this paper, we discuss the sources of consumer dynamics and how our understanding in this area has improved over the past four decades. Accordingly, we discuss several commonly used empirical methods for conducting dynamics research. Finally, as the data evolution continues into new forms and new environments, we identify cutting-edge trends and domains, and offer directions for advancing the understanding of consumer dynamics in these emerging areas.

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Notes

These are the common sources that emerge from decades of extant research. Although the list is comprehensive, it is not exhaustive.

The concept that people’s attitudes and worldviews change over their natural lives has been rooted in cultures and philosophies across the world. One notable example is the following passage from The Analects of Confucius (circa 400 BC): “Confucius said, ‘Since the age of 15, I have devoted myself to learning; At 30, my ways of thinking have matured; At 40, I was no longer confused and easily influenced by others; At 50, I have known my fate and the unspoken rules of the world; At 60, I was able to calmly listen to diverse voices and understand the perspectives of others; At 70, I could follow what my heart desired, without transgressing what was right.’”

Although there are other econometrics models that studied dynamics and lagged effects (e.g., goodwill stock of Nerlove and Arrow 1962, Koyck model of Clarke 1976), given the space constraint and the present and future orientations of the study, we give emphasis to (1) the most common methods, (2) the relatively more recent methods, and (3) methods that are adapted for consumer behaviors rather than firm or industry-level dynamics.

Using Webster’s thesaurus to generate synonyms to our selected keywords, we obtained a total list of 178 keywords and conducted literature searches based on them. The keyword list was intentionally broad and inclusive and that many of these words have resulted in no citations. A complete list of keywords is included in the Web Appendix Table A.

Although our literature review is comprehensive and achieves our goal of highlighting the evolution of topics and methods as the result of better data, we admit that it is not exhaustive.

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Acknowledgements

The author is grateful to Simha Mummalaneni, Chun-wei Chang, and Susan Cao for their help at various stages of this project. The author thanks the editor, the associate editor, and the three anonymous referees for their constructive feedback.