Impact of Aging on Consumer Behavior: A Review and Research Agenda

Abstract

This study conducted a systematic literature review integrating the TCM and ADO frameworks to analyze 46 studies published from 2014 to 2023 on the impact of aging on consumer behavior. The research adhered to Preferred Reporting Items for Systematic Reviews and Meta-Analyses principles, using data from Scopus, WoS, and ScienceDirect. Results showed an increasing trend in publications focusing primarily on elderly consumers. Analysis revealed that the Theory of Planned Behavior and technology acceptance model are the most frequently used theories, with research concentrated in the United States and China. Common methods included questionnaires, structural equation modeling, and regression analysis. The ADO framework highlighted psychological and individual-related antecedents as the most discussed. A relationship table categorizing 135 antecedents into five major categories showed a predominantly positive influence of antecedents on decisions and outcomes. Sixty aging-related antecedents were identified, covering all but product-related categories. The study identified critical research gaps and proposed future directions, offering insights for policymakers and practitioners to address aging society challenges and align with UN Sustainable Development Goals.