Consumption-related emotions over time: Fit between prediction and experience
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Consumers base many decisions on affective forecasts, i.e., predictions about future emotions. These predictions, however, are susceptible to systematic biases. The present paper examines the accuracy of predicting emotional change in the consumer context. The goals of the study were to examine whether predictions of a change in consumption-related emotions fit actual experienced change and whether original predictions are remembered correctly. A two-wave longitudinal survey with 86 consumers in Austria and the UK showed that consumers who had bought shoes overestimated the decrease of positive consumption-related emotions over time. Results indicate that the intuitive theory of adaptation is related to the prediction bias. Moreover, participants misremembered original predictions as more consistent with actual experienced emotions. This hindsight bias hinders consumers from learning from previous prediction errors.