Time vs money effects and consumer wellbeing

Abstract

Through this project, we intended to study the effects of time and money, and their impact on the overall consumer wellbeing. We hypothesized that age plays a crucial role in determining how consumers make choices when a tradeoff between the two comes into picture. While the younger generation and the middle-aged attain Satisfaction in saving time at the expense of a few extra bucks, the older population tends to cut down on costs. We observed that while this is true for products and services that are readily available, frequently purchased and cheap, the same cannot be said for other product segments. Factors like occupation, marital status, education levels, etc. also seem to have a great influence in this decision-making process.