Time vs money effects and consumer well-being

Abstract

“Time is money” 1s a very frequent phrase in our daily lives. However, research has shown that not only are they of different importance in different people’s lives, they also react to changes in both these variables in starkly different ways. For example, people are more averse to the risk of losing or wasting their time than their money (Leclerc et al., 1995). What is common is that, both time and money are important factors in the psychological well-being of our lives. Through this project, we aim to explore how marketers in the fields of eCommerce, retail and hospitality can exploit these two factors to positively impact consumer buying behaviours.