Consumer price perception under math anxiety: the effects of price levels and bundle framing

Despite extensive research on math anxiety within educational psychology, its impact on consumer behavior remains understudied. This research examines how math anxiety interacts with different promotion framing formats and price levels to influence consumers’ perceptions of savings, monetary value, emotional value, and purchase intention. Across two studies, we reveal that consumers with varying degrees of math anxiety respond differently to promotions framed in dollar-off versus percent-off discounts at different price levels, as well as price bundles framed as a single price versus itemized prices. We further reveal that math anxiety indirectly influences purchase intention through perceived savings, which subsequently enhances perceived monetary value and emotional value. These findings underscore the significance of both cognitive reasoning and affective choices in consumer decision-making. The paper concludes with a discussion of the research’s theoretical and managerial implications.