Unlike money budgets which have no theoretical

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ion would indirectly, possibly have less spending money [Kolitz & Quinn, 1997:305]. With regard to limited temporal resources, consumer resources consist of two budget constraints, namely money budget and time budget. As already discussed, money plays an important role but does not single handedly explain how consumers behave. Despite the fact that some consumers are wealthy, they may be able to purchase more of everything but yet it is impossible for them to do more of everything. This would require them to use more of their time. Unlike money budgets, which have no theoretical expansion limits, time has an ultimate restraint [Hawkins et al., 2001:488 and Manrai & Manrai,, 1995:120]. To illustrate this concept, consider a rich and a poor child. The rich child may be able to buy whatever he pleases in a café, whilst the poor child will not be able to do the same. Never the less, neither of the two children can purchase more time. Many consumers value leisure time as highly as they value money because of their increasing lack of time – thus increasing the need for timesaving entities such as convenience stores [Mayland, 2000:31 and Fay, 1992:50]. Initial research explained timestyles - the way which consumers allocate time among various activities, as comprising of only two components, namely work and leisure. Recent research has modified the original conceptualisation as can be seen in figure 2.12 [Engel et al., 1995:313]. 69 Figure 2.12: Conceptualisations of consumer time budget Traditional concepts of leisure W ork Leisure Contemporary concepts of leisure Work Non-discretionary Time Leisure "Paid time" "Obligated Time" "Discretionary" Source: Engel J.F., Blackwell, R.D., Miniard, P.W., 1995, Consumer behavior, 8th edition, U.S.A.: Dryden Press, p. 31. It should be noted that only discretionary time can truly be regarded as leisure time. This has been summarised as follows: “It is that period when an individual feels no sense of economic, legal, moral or social compulsion or obligation, nor physiological necessity. The choice of how to utilize this time period belongs solely to the individual” [Voss, 1967:91 in Engel et al., 1995:31]. An added impediment in defining leisure takes place when individuals are paid for activities they might otherwise choose as discretionary activities. An artist, for instance, can be paid for doing something, which he regards as a discretionary (leisure) activity [Corbell, 1999:163 and Churchill & Peter, 1998:32]. Some goods and services require the use of time with the product. Examples would be watching television or playing rugby. The logic behind consumers buying these types of goods depends on how an individual spends a typical 24-hour day. Consumers may earn a lot of money but live in time poverty. Such consumers require a value from the limited hours available for discretionary activities. They may be willing to pay more money to enjoy their leisure time thereby expanding market potential [Fay, 1992:50 and Levy & Weitz, 1998:111]. An...
View Full Document

This test prep was uploaded on 04/04/2014 for the course SOCIAL SCI 23 taught by Professor Salman during the Winter '10 term at University of the Punjab.

Ask a homework question - tutors are online