Research On The Effect Of Consumer’s Cognitive Miserliness On Price Sensitivity In Sinking Market

In recent years,as the market demand in the first and second tier cities gradually tends to saturation,the economic downturn is obvious,and there is an urgent need to tap emerging markets.At this time,the sinking market has attracted people’s attention with its huge consumption potential and constantly emerging market demand.And many e-commerce platforms are the first to enter the sinking market.However,due to the vast territory and complex social structure of the sinking market,the consumption concept and behavior are obviously different from those of first-tier and second-tier cities,so it is obviously not feasible for enterprises to directly copy the previous experience.PDD,TB and JD have all carried out marketing strategies specifically aimed at the sinking market in order to develop the sinking market,and achieved certain achievements.The strategies adopted by these enterprises have one thing in common,that is,they all believe that consumers in the sinking market are highly price sensitive,so they all adopt low-price promotion strategies.But do sinking market consumers really only care about price? How long can low-price promotions and even platform subsidies last? Understanding these questions will require a deeper study of consumers in sinking markets.Based on this background,this paper first read domestic and foreign references,and conducted interviews with different age levels of sinking market consumers;On the basis of consumer value theory,fine processing theory,double processing theory and social comparison theory,the cognitive stinginess-perceived value-price sensitivity model is proposed,and the group normative influence is taken as the moderating variable.The questionnaire method was used to collect data,and the empirical research method was used to explore the impact of cognitive stinginess on price sensitivity,the mediating role of two dimensions of perceived value(functional value and social value),and the moderating role of group norm influence between cognitive stinginess and perceived value.Based on the empirical results,the following conclusions are drawn: cognitive stinginess negatively affects price sensitivity,and negatively affects price sensitivity through the mediating effects of functional value and social value.Reference group norms moderated the mediating effect of social value between cognitive meanness and price sensitivity,but did not mediate the mediating effect of functional value.Based on this,enterprises deeply engaged in the sinking market should re-examine the sinking market,change their stereotype of high price sensitivity in the sinking market,improve the quality of their products,use existing social channels to change the perceived value of consumers,and maintain customer retention and repeat purchase.