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Conscientious consumers? Preferences, personality and expenditure in the UK

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  • Benjamin Volland

Abstract

While the importance of personality for understanding differences in labor market outcomes has come to be increasingly appreciated by economic scholars, little research has so far focused on the question whether these measures also explain some of the individual heterogeneity in demand behavior. Using data from the British Household Panel Survey, this study provides evidence for the relationship between the Big Five personality traits and expenditures for food away from home and other leisure activities. Additionally, we assess the relationship between dimensions of personality and individual preferences in predicting expenditure on these categories. Results indicate that aspects of personality predict a non-negligible part of expenditure behavior, and that these effects are independent of the individual’s preference stock. Our results provide empirical support for approaches that include personality as a constraint into economic models of human behavior.

Suggested Citation

  • Benjamin Volland, 2013. "Conscientious consumers? Preferences, personality and expenditure in the UK," Papers on Economics and Evolution 2013-05, Philipps University Marburg, Department of Geography.
    • Handle: RePEc:esi:evopap:2013-05
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    More about this item

    Keywords

    Personality; Five Factor Model; Expenditures; Leisure; UK;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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