How come they know? The Effects of Social Comparison on Value Consciousness and Price Mavenism

Abstract

Social interactions and the exchange of interpersonal information are important to consumers' shopping experiences. Social interactions can trigger social comparisons that can influence consumer's value and price perceptions. This research investigates the effects of social comparison orientation (SCO) on consumers' value consciousness (VC) and price mavenism (PM). It also examines the moderating role of general self-efficacy (GSE) and identification. We employed a mixed-method approach and investigated the conceptual framework using a survey (N = 229) and an experimental (N = 516) method. The findings revealed the positive effects of SCO on VC and PM. GSE negatively moderates the impact of SCO on VC. Further, when identification with the social referent is high (vs. low) and assimilation (vs. contrast) effect is observed then upward (vs. downward) comparison leads to greater levels of VC and PM. The paper concludes with implications for marketing value-focused brands and retailers.