CONSUMER TIME PSYCHOLOGY

<p>The psychological framework surrounding time perception often involves the distinction between clock time and event time. In behavioral economics researchers have identified that the framing of a product-whether it is presented as a time-saver or a leisure-enhancer-significantly alters the consumer's willingness to pay.</p><p>My analysis suggests that when consumers are primed to think about time they become more focused on the experiential value of a purchase rather than its functional utility.This shift is supported by the temporal construal theory which posits that people think about distant events in abstract terms and near events in concrete terms.</p><p>Consequently when a purchase is framed as an investment in future time consumers are more likely to justify higher price points as they are effectively purchasing future freedom.</p>