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Impact of demographic and economic variables on financial policy purchase timing decisions

Impact of demographic and economic variables on financial policy purchase timing decisions
Impact of demographic and economic variables on financial policy purchase timing decisions
This paper investigates the extent to which consumers' demographic factors influence their financial policy purchasing behaviours and also explores how the external economic environment affects consumers' propensities to purchase financial products.
The Cox proportional hazard model is used to explore these issues. The results suggest that consumer decisions on the timing of financial product purchases are largely explained by changes in the economic environment in terms of stock market, the housing market, average earnings, consumer confidence, and interest rates. The influence of customer demographic factors is also important but secondary.
profit scoring, cox proportional hazard model, competing risks, multiple purchase event analysis, separate purchase event analysis, financial product purchase propensity
0160-5682
1051-1062
Thomas, L.C.
61325cfd-cf0a-4c36-8cc0-ce9ed4494c4f
Thomas, S.
0f83004b-179e-4b71-8374-25345d0e9dad
Tang, L.L.
00660959-415d-4230-91fe-258e58ca12b1
Ap Gwilym, O.
dcad2393-1a8b-4088-8508-cdf45e40816d
Thomas, L.C.
61325cfd-cf0a-4c36-8cc0-ce9ed4494c4f
Thomas, S.
0f83004b-179e-4b71-8374-25345d0e9dad
Tang, L.L.
00660959-415d-4230-91fe-258e58ca12b1
Ap Gwilym, O.
dcad2393-1a8b-4088-8508-cdf45e40816d

Thomas, L.C., Thomas, S., Tang, L.L. and Ap Gwilym, O. (2005) Impact of demographic and economic variables on financial policy purchase timing decisions. Journal of the Operational Research Society, 56 (9), 1051-1062. (doi:10.1057/palgrave.jors.2601981).

Record type: Article

Abstract

This paper investigates the extent to which consumers' demographic factors influence their financial policy purchasing behaviours and also explores how the external economic environment affects consumers' propensities to purchase financial products.
The Cox proportional hazard model is used to explore these issues. The results suggest that consumer decisions on the timing of financial product purchases are largely explained by changes in the economic environment in terms of stock market, the housing market, average earnings, consumer confidence, and interest rates. The influence of customer demographic factors is also important but secondary.

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More information

Published date: 2005
Keywords: profit scoring, cox proportional hazard model, competing risks, multiple purchase event analysis, separate purchase event analysis, financial product purchase propensity

Identifiers

Local EPrints ID: 35987
URI: http://eprints.soton.ac.uk/id/eprint/35987
ISSN: 0160-5682
PURE UUID: c9ffee24-74b4-44e6-9442-c2390033adfd

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Date deposited: 22 May 2006
Last modified: 15 Mar 2024 07:55

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Contributors

Author: L.C. Thomas
Author: S. Thomas
Author: L.L. Tang
Author: O. Ap Gwilym

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