This study explored the skincare preferences and satisfaction levels of Japanese teenagers and young adults to shed light on trends within the cosmetics market. By applying text mining and structural topic modeling (STM) to consumer reviews from the Japanese beauty platform @cosme, we examined six product categories over the period from 2008 to 2024. Findings reveal distinct skincare priorities by age: teens tend to favor basic skincare products and celebrity-endorsed items, while young adults focus more on targeted solutions for concerns like acne and hydration. Positive reviews often highlighted basic moisturizers and serums, whereas products like sunscreen, seasonal skincare, and those for irritated skin frequently received negative feedback, suggesting a gap between product expectations and actual performance. Age-related trends also indicated a growing emphasis on serums, possibly driven by social media’s promotion of structured skincare routines. These results underscore the impact of marketing, social media, and consumer needs on product selection, providing valuable insights for brands aiming to create and promote products tailored to these age groups.
As social media is an important part of Generation Z, it is imperative to conduct a study collecting both qualitative and survey data about the experiences of using social media in relation to their mental health. Awareness of the potential negative impacts of social media will help young people make better decisions in their social media use. Studying the impacts of social media on consumers' mental health will help businesses and organizations develop better and more ethical marketing strategies in the future. Lastly, the insights from this research will help public policy makers develop better regulation of social media marketing.
Sleep has been identified as playing a critical role in enhancing memory and improving physical functions. As a central nervous system stimulant, caffeine functions as an adenosine antagonist, impacting sleep. Similarly, nicotine disrupts sleep by affecting neurotransmitters involved in sleep regulation. This study aims to examine the bidirectional relationship between sleep problems and caffeine and nicotine consumption using large longitudinal data representative of the U.S. population and employing a fixed-effects model. I found that households with sleep problems consistently showed a higher rate and larger volumes of caffeinated products and cigarette purchases compared to those without sleep problems. This pattern was even more pronounced in cigarette purchases. Regression analysis demonstrated a bidirectional relationship between sleep problems and the purchase of caffeinated products and cigarettes. However, when household fixed effects were included, the relationship between sleep problems and caffeine product purchases was no longer insignificant, whereas the association with cigarette purchases remained robust.
The primary goal of this study is to analyze the relationship between credit scores and the financial well-being of consumers in Mexico in three dimensions: present, future, and overall. During November and December 2022, we sent a survey to assess consumers' financial well-being to a private company that already had records of their credit scores and other sociodemographic variables. Data from 1305 consumers were collected. _x000D_ This study follows a quantitative, cross-sectional, and correlational approach. First, latent variables (FWB present, FWB future, and FWB overall) were estimated. Later, three multiple linear regression models based on OLS were constructed, one for each financial well-being dimension._x000D_ Our study confirms that credit score is positively related to financial well-being among Mexican consumers. The coefficients in all three models are positive and significant. Additionally, the analysis shows that financial well-being is positively related to income level and having extra income._x000D_ This research contributes to the knowledge of financial well-being and credit behavior. Its results are helpful for policymakers and financial institutions seeking to assist financial consumers in improving their financial resilience. One of its primary applications is strengthening financial education strategies that help consumers improve their healthy credit behavior.
This study examines the influence of sustainable attributes on beauty retailers’ online platforms and topics extracted from consumer reviews on consumer ratings for skincare products, with a focus on the moderating effect of vegan status. Analyzing 109,599 consumer reviews from Ulta Beauty using Latent Dirichlet Allocation (LDA), 11 key topics were identified, including product texture, hydration, and long-lasting effect, underscoring the importance of intrinsic cues like texture and hydration in consumer evaluations. Hierarchical multiple regression analysis reveals that price positively influences consumer ratings, whereas product texture, skin texture, and long-lasting effect negatively impact ratings. Vegan products generally receive higher ratings; however, adding sustainable attributes yields mixed results. Clean ingredients, cruelty-free labels, and sustainable packaging improve ratings for non-vegan products but can reduce ratings for vegan products due to heightened expectations. Interaction effects show that product texture and long-lasting effect enhance ratings for both vegan and non-vegan products, with stronger effects for vegan products, while skin texture increases ratings for vegan products but decreases them for non-vegan products. These findings highlight the importance for brands to align product qualities with consumer expectations to foster trust and satisfaction. This research provides insights for marketers aiming to balance sustainable claims with intrinsic product qualities to build loyalty and competitive differentiation.
This study uses pilot study results to investigate how consumer education strategies and cultural factors shape graduate students' intention to change their fruit and vegetable consumption. The three strategies being tested include a baseline neutral education strategy, positive language with positive imagery, and negative language with negative imagery, which will be compared to a control group that receives no intervention. The effectiveness of these educational interventions is assessed through their impact on students' intention to adopt healthier eating habits. These intentions may also be shaped by variables such as the students' cultural background and demographic characteristics, which will also be tested in the study. The findings from the pilot study provide insights into which strategies are most effective in promoting dietary change intentions and offer guidance on refining education strategies for future interventions. The pilot study results provide actionable insights for developing targeted interventions aimed at promoting healthier eating habits among diverse populations.
This study examines consumer engagement in circular economy practices, specifically focusing on routine waste management behaviors such as waste sorting and reducing single-use items. Given the substantial greenhouse gas emissions from waste management and projected 50% increase in global waste by 2050, the urgency for sustainable practices is evident. Through the application of the Knowledge-Attitude-Practice (KAP) model and the Health Belief Model (HBM), this research investigates the influence of objective (factual) and subjective (self-assessed) knowledge on key attitudinal factors—perceived severity, susceptibility, benefits, and barriers—and their subsequent impact on circular economy behaviors. Utilizing data from the Public Attitudes towards the Environment: 2023 Survey, which includes 3,088 respondents, findings indicate that objective knowledge primarily informs attitudinal development, while subjective knowledge exerts a notably direct influence on behavior. Attitudinal factors, including perceived severity, susceptibility, benefits, and barriers, emerge as critical determinants of pro-environmental actions within a circular economy context. These findings underscore the necessity of promoting both factual understanding and consumer confidence through targeted policy and educational interventions, facilitating sustainable behavioral engagement. This integrated approach offers substantial implications for climate change mitigation by fostering consumer participation in circular economy initiatives.
This project uses pilot data to explore financial well-being among an exploratory sample of urban households in India. Particular emphasis is placed on household attitudes and behaviors, with a focus on financial frugality. In addition, this project explores the broader application of the Consumer Financial Protection Bureau's measure of Financial Well-Being (FWB).
This study analyzes the determinants and impacts of household expenditure on education in South Korea with the financial, socio-economic, regional, and psychological factors influencing educational costs. Because education is regarded as crucial for economic property and social status in South Korea, severe private education expenses lead to heightened financial strain on families. By using data from the 15th National Survey of Tax and Benefit (NaSTaB), the research examines 14,897 households, addressing variables such as household debt, tax burden, income inequality perceptions, and residential satisfaction. The key findings reveal that greater household debt and tax burdens significantly impact higher private education spending, while psychological factors—like perceptions of income inequality and time preference—also significantly impact educational expenditures. This study underscores policy implications for equitable education budget distribution and reducing financial pressures on households, thereby supporting public education improvements and addressing educational disparities. Overall, the research highlights the interplay of financial, social, and psychological factors in shaping educational spending patterns, advocating for strengthened public education policies to mitigate reliance on private education. Further research on regional disparities in educational spending is recommended.
This study utilizes recent waves of the National Health and Nutrition Examination Survey to investigate how the impact of new school nutrition standards on added sugar intake among youths varies based on their household food security status.
This study applies machine learning (ML) techniques to predict default risk among disabled adults in South Korea, utilizing data from the Panel Survey of Employment for the Disabled (PSED). Disabled individuals face unique socioeconomic challenges, including limited employment opportunities, inadequate social support, and significant medical expenses, which contribute to financial instability and heightened default risk. Existing financial risk models typically overlook these multifaceted aspects of disability, resulting in a critical gap in accurately assessing default risk within this population. Our research aims to develop predictive models specifically tailored to the socioeconomic backgrounds of disabled adults, enhancing the precision of default risk assessments._x000D_ The methodology involves comprehensive preprocessing of PSED data, such as demographics, income levels, disability type and severity, and employment status. We employ various machine learning algorithms, including logistic regression, random forests, and extreme gradient boosting, validated through cross-validation and performance metrics. Preliminary results indicate that ensemble learning models, especially extreme gradient boosting, exhibit superior predictive performance. Key predictors of default risk include employment, disability severity, and dependence on social support._x000D_ The findings could inform financial institutions and policymakers by highlighting overlooked factors in risk assessments and promoting inclusive financial practices that support the economic well-being of disabled individuals.
My submission is geared towards analyzing household decisions on debt management and the influence of socioeconomic (income and educational level) and macroeconomic factors in this decision-making. Research has shown a rise in the debt portfolio of households in the U.S., and this paper seeks to analyze which of these variables households consider in managing their debt, such that initiatives can be taken to help households practice better management in terms of their debt accumulation and repayment. Using panel regression, I will analyze 10-year data from the Consumer Expenditure Survey and the National Financial Capability Study. The sample of this dataset and time period contains the variables and the different economic trends that will enable generalization of the findings of this study to similar populations._x000D_
Buy Now, Pay Later (BNPL) services offer consumers the option of making retail purchases using short-term, interest-free loans. BNPL products are defined by the Consumer Financial Protection Bureau (CFPB) as installment loans – typically one down payment followed by three installment payments – for the purchase of goods and services, which retailers may offer as a payment option (CFPB, 2024b). In place of charging interest on their loans, BNPL providers typically charge fees for late or missed payments and charge a fee to retailers for each purchase, similar to retailer credit card fees (CFPB, 2024a). Afterpay, Affirm, and Klarna are among the first providers of BNPL (Clere, 2023). _x000D_ Initially, these products featured predominantly on online retail fashion and electronic stores. However, in recent years, BNPL has experienced rapid expansion and adoption by both consumers and merchants alike (Alcazar & Bradford, 2021). Major retailers like Walmart, Kroger, and Target now offer BNPL as a payment option for purchases made both online and in-store (Sezzle, 2024; Target, 2024; Walmart, 2024). Beyond retailers, banks have also begun incorporating BNPL features into their credit cards for large purchases (Alcazar & Bradford, 2021). For some low-wage cash-strapped workers, this product may present a timely alternative to address their needs.
This study explores whether the popcorn brain can be the focal strategic element to develop the desired shopping motive of consumers in the context of perceived ease of use, usefulness, and trust connecting to involvement in prevailing social media and market offerings. Following a descriptive research design, this study made an extensive literature review to identify the research gaps and ultimately to obtain the inferences for practical & theoretical implications. The results of this study indicate that the popcorn brain phenomenon, rapidly changing consumers’ mindsets with shorter attention spans towards a stimulus (market offering in this study), can be managed strategically by developing perceived ease of use, perceived usefulness, and trust of consumers through their level of involvement in social media for desired shopping motives of consumers. Therefore, the public planners by understanding and managing the popcorn brain of consumers, can help them in preventing from aspects such as buying remorse, loss of their hard-earned money, stress and can formulate various policies regarding consumer interests which will protect them from misleading & false information and ensure transparency, promote digital literacy and data-driven policies. Future researchers can use these insights to produce useful applications, and better consumer education initiatives.
Student loan debt has become a significant burden for many households and policymakers in America. According to Schulz (2024) Americans owed $1.74 trillion dollars further stating that approximately 51% of Bachelor degree holders had student loan debt with an average of about $29,400 owed._x000D_ _x000D_ Retirement savings which is an important decision that needs to be made in preparation for life after work is postponed or inadequately funded in the presence of budget constraints and debt obligations. This paper investigates the impact financial knowledge has as a moderating factor in retirement savings for working graduates paying off their student loans._x000D_ _x000D_ Dataset:_x000D_ Survey of Household Economic Decision-making 2022.
This paper investigates the relationship between the Federal Funds Rate (FEDFUNDS) and the University of Michigan Consumer Sentiment Index (UMCSENT). This study uses Johansen cointegration tests, Vector Error Correction Models (VECM), and Threshold Vector Error Correction Models (TVECM); this study explores the cointegration, short-term dynamics, and threshold effects between these macroeconomic indicators. Results show that there is cointegration between FEDFUNDS and UMCSENT. Further, findings also reveal a stable long-term relationship between FEDFUNDS and UMCSENT. The VECM analysis shows short-term adjustments in both variables, which suggests their interdependence. The TVECM analysis indicates a threshold effect, indicating a change in the relationship when FEDFUNDS passes a specific threshold value.
Using the 2021 National Financial Capability Study (NFCS), this study examines the association of employer-sponsored, retirement-plan participation with financial literacy. It also decomposes the association into its explained and unexplained portions using the Oaxaca decomposition. The explained portion measures how much of the gender gap in employer-sponsored, retirement-plan participation is due to the differences in the level of financial literacy. The unexplained portion measures how much of the gender gap in employer-sponsored, retirement-plan participation is due to the difference in the return to financial literacy between men and women. The results show that the explained portion of the gap due to financial literacy is -0.0195, and the unexplained portion of the gap due to return to financial literacy is -0.0321. The negative explained gap due to financial literacy means women have a lower average value of financial literacy than men. A negative unexplained gap due to financial literacy means women have a lower return to financial literacy than men.
This study investigates whether state-mandated financial education enhances subjective financial well-being and financial literacy, focusing on long-term impacts such as debt reduction, wealth accumulation, and overall economic stability. While prior research has shown that financial literacy can improve specific financial behaviors, there is limited evidence on whether state-mandated programs lead to sustained improvements in financial outcomes. Using a staggered difference-in-differences approach, this study leverages variations in financial education mandates across states and over time to assess their causal impact on subjective financial well-being. Data is primarily drawn from the FINRA Investor Education Foundation’s National Financial Capability Study (NFCS), with the Understanding America Study (UAS) data used for robustness checks. This research aims to provide insights for policymakers, educators, and financial practitioners on the effectiveness of financial education policies in promoting economic stability. Findings could support expanded financial education initiatives and help develop targeted programs to enhance financial well-being across various populations.
Consumer Reports applied the Fair Digital Finance Framework to evaluate the Safety, Privacy, Transparency, User-Centricity, Support for Financial Well-Being, and Inclusivity of popular digital finance apps. Through app testing and documentation review of banking apps and digital wallets, we found inconsistent availability of digital tools for financial well-being and inconsistent availability of accessibility features across the sector.
Thist study aims to examine the factors related to the susceptibility to investment fraud, using the investor survey conducted in South Korea. Especially, the current study focuses on how financial knowledge (both objective and subjective) is associated with investment fraud vulnerability and utilized two mediating variables (financial information seeking behavior and risk tolerance) to explain the psychological and behavioral mechanisms behind the protective role of financial knowledge on consumer vulnerability to investment fraud. The results highlight the importance of objective financial knowledge and self-research before making investment decisions. The findings contribute to the existing body of literature by highlighting both the direct and indirect role that objective financial knowledge plays in diminishing susceptibility to investment fraud. A key implication of this study is the strategic importance of fostering self-reliant financial behavior. The findings suggest that financial consumers may not be able to discern sound advice from misleading advice provided by financial professionals. Therefore, promoting the ability to distinguish fraudulent financial suggestions and encouraging self-reliance in financial decision-making are effective methods for reducing fraud risk. This approach encourages individuals to enhance their own financial capabilities and rely more on their analytical assessments.
Considering economic breakdowns due to the COVID-19 pandemic, this study analyzed which U.S. households were more likely to experience consumer debt delinquency in the post-pandemic era, with a focus on the effect of changes in individual employment status during COVID-19 and pandemic-related federal stimulus payments. Since debt delinquency is a significant issue that can result in long-term harm to consumers’ financial health, this research contributes to consumer well-being by investigating factors that affect the likelihood of late repayment of mortgage, credit card, or student loans. We explored the interaction effect of employment changes and stimulus payments as well, considering economic impact and usage of stimulus payments can differ by individuals’ employment experiences during the pandemic. Using the 2021 National Financial Capability Study (NFCS) dataset, we categorized employment changes into four groups based on whether experienced a job loss during COVID-19 and whether currently working or not. Significant differences in the receipt of stimulus payments and consumer debt delinquency rate were found across these groups. The main and interaction effects of two focal independent variables on consumer debt delinquency were verified to be significant. This enables a deeper understanding of the post-pandemic financial hardships faced by U.S. consumers.
This paper examines the impact of a new policy implemented by the Federal Hous- ing Finance Agency (FHFA) on December 1st, 2020, called the Adverse Market Refi- nance Fee (AMRF), equal to 0.5% of the value of a refinancing loan. The AMRF was instituted by the FHFA as a mechanism to mitigate losses incurred from forbearance defaults and to support the Government Sponsored Enterprises (GSEs) — Fannie Mae and Freddie Mac — in managing the increased risk associated with lending during the COVID-19 pandemic. This paper measures the degree of bunching in response to a jump in interest rates, using individual loan-level data by Fannie Mae. Specifically, I identify the effect of interest rates on borrower behavior by exploiting the exogenous variation in the relationship between loan size and interest rates that results from the threshold used by the new fee policy. The estimates suggest average bunching weights ranging from 0.19 to 0.562. Moreover, this paper also provides estimates of the interest rate elasticity of mortgage refinancing demand ranging from 0.0002 to 0.001.
This study would like to analyze the various factors influencing financial bandwagon behavior. In this study, we assume that the Bandwagon Effect also appears in financial decision-making, similar to how people follow others when they invest. In other words, this means that financial consumers may follow the others—like professionals, news articles, friends, or family— as the resources for their financial decision-making. _x000D_ Specifically, it examines the impact of financial information resources (e.g., apps, news articles, friends) and financial psychological factors (e.g., self-esteem, locus of control, materialism) on financial bandwagon behavior. Additionally, it explores if there is a difference in factors affecting the financial bandwagon effect between the environment (urban and rural). The findings from this study will contribute to classifying financial consumers based on insights from previous research. Furthermore, these results will aid in understanding financial consumer behavior and spark interest in both academic discussions and practical applications within the financial sector.
Social media has become an integral part of young adults' daily lives, significantly influencing their perceptions, attitudes, and behaviors related to finances. How do these platforms influence young people’s financial knowledge and decision-making so critical in developing strategies for sound financial practices? This session showcases existing research on financial literacy, behavioral theory, and the potential for misinformation. It also highlights research design among high school students to investigate these influences.
