Social and cultural influences on older consumers

Given the growing size and proportion of older consumer segments in the market, it is important to understand the social and cultural influences that guide their decision-making. This brief review synthesizes recent advances in consumer research that shed light on age-related differences in consumer responses to economic and sociocultural factors, with an emphasis on the latter. The varied effects of social and cultural factors on older consumers can be explained by the changes in the economic status, cognitive functions, and socioemotional needs that consumers experience as they age. We conclude the review by highlighting areas of research that require further investigation.