Multiple social roles increase risk-taking in consumer decisions

Understanding when and why consumers engage in riskier choices is a key concern for marketers and managers. This research examines how the number of distinct social roles consumers hold influences their willingness to take risks. Across a series of studies, we provide converging evidence that possessing many (vs. few) social roles leads to greater risk-taking, and that this effect is mediated by increased self-efficacy. However, this effect weakens when consumers feel restricted in their choices or when decision environments are socially dense (e.g., crowded settings). These findings offer actionable insights for market segmentation, targeting strategies, and the design of consumption environments that encourage or discourage risk-taking depending on managerial goals.