Satisfy Seniors Who Satisfice

Older adults will more often take shortcuts in decision making of various types than will younger adults.

• Almost all adult shoppers make routine purchases using minimum deliberation. But with more demanding objectives, shoppers of average age 68 years searched less intently than did shoppers of average age 36. The task for the study participants at University of Illinois and Southern Illinois University-Carbondale was to identify the breakfast cereals which had less than 200 milligrams of sodium and at least two grams of fiber in a serving. 
• The setting for a Bowling Green University study was a simulated yard sale in which participants were asked to sell a set of items at the highest possible prices. The results indicated that younger adults are more likely than older adults to take into account the full pattern of offers made by potential buyers. The researchers attribute the older adults’ single-deal strategy to them having inferiorities in working memory. 
• A set of University of Kentucky studies explored age differences in methods of political decision making. The finding was that the voters of average age 24 years were especially likely to select a candidate by considering the stand each in the field had taken on a set of issues. By contrast, those of average age 72 were especially likely to select the first candidate they came across whose stand on the issues pleased them. 

     The use of shortcuts in these ways is called “satisficing.” As was seen in the breakfast cereal study, all consumers generally will satisfice when the decisions are routine. The differences between younger and older adults appear when there’s complexity involved. Because older consumers are more likely to satisfice, meet their preferences by keeping the decision making procedure no more complex than is necessary. You might curate the alternatives before presentation or recommend compromise choices.
     Although almost all elderly consumers are more likely to satisfice than are their younger counterparts, some are especially likely. Genetics and early life experiences influence how receptive a particular senior is to favor satisficing. There are situational factors, too. Researchers at Southwestern University of Finance and Economics-Liulin say that a priming question prior to the actual decision task makes a difference. “Which of the three pets is the smartest—dog, cat, or fish?” would nudge an older consumer toward maximizing. “Which animal would you be willing to live with—dog, cat, or fish?” nudges toward satisficing.

For your success: Retailer’s Edge: Boost Profits Using Shopper Psychology

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