The Research On Spending Money VS. Spending Time Between Hedonic And Utilitarian Goods-Temporal Orientation Based

When purchasing products, consumers are driven by either hedonic orutilitarian motives. However, hedonism and utilitarianism are not the twoextremes of a single spectrum. A product generally has both hedonic andutilitarian attributes and the difference varies by degrees. Consumers havedifferent ways of partitioning and using time. Considering the above factors,this dissertation is examing the relationship between temporal orientation,consumer motivation (based on a mix of hedonism and utilitarianism), andthe respective payments of time and money. It is the purpose of thisdissertation to assert that a consumer’s temporal orientation affects hisdecision with regard to whether and how he is willing to pay for hedonic andutilitarian products.In this paper, the author first uses mordern Industry Organization Theory tobuild up a model with which to study consumers with different temporalorientation for different types of consumer payment choice. Throughliterature review and the result of customer focus groups, the use anddevelopment of a hedonism/utilitarianism attitude measurement scale andtime-oriented scale, as well as scenario simulation testing, we have developed a final questionnaire which can serve as a test of consumers access todifferent products (hedonic product/utilitarian products) at the time ofpayment, and the choice between the payment of various forms of currency.Furthermore, through the issuance of questionnaires and data collection, wecan undertake the final data factor analysis and cluster analysis. Then, finally,we can study the results of the cluster analysis to validate the theoreticalpredictions through the empirical evidence from the testing.Studies have shown that, whether the consumers are current-oriented or pastand future-oriented, and whether they are hedonically-oriented or inclinedtoward utilitarian consumption, they generally have a greater willingness topay more in time on hedonic goods, more in money on utilitarian goods. Onthe other hand, compared to past and future-oriented customers,current-oriented customers are more generous with money on hedonic goods.Accordingly, this paper proposes that a timely price adjustment for hedonicgoods is the key to win customers. Based on the different payment methods,the paper also gives different marketing strategies to improve business.