Understanding Consumer Vulnerability

Consumer vulnerability, a state where individuals are at risk of harm due to restricted access to resources and control in the marketplace, affects countless consumers globally. This concept, often discussed informally in consumer research, lacked a comprehensive framework until the study by Hill and Sharma. Their work, pivotal in advancing our understanding, provides a structured approach to defining, identifying, and managing consumer vulnerability.

Defining Consumer Vulnerability

The research defines consumer vulnerability as a state where consumers are susceptible to harm because of limited access to and control over resources that significantly inhibit their ability to function effectively in the marketplace. This definition encompasses various contexts, from individual characteristics like age and physical capabilities to social phenomena, business practices, and environmental forces.

Identifying Consumer Vulnerability

Hill and Sharma propose two lenses for identifying consumer vulnerability: experience and observation. This dual approach allows for a broader understanding, encompassing both the self-perceived vulnerabilities of consumers and those identified by external observers like researchers or policymakers.

Antecedents and Consequences

The study delineates the antecedents and consequences of consumer vulnerability, emphasising the need for a global and dynamic view of the concept. It categorises antecedents into individual, interpersonal, and structural resources, highlighting the interplay between these factors in creating vulnerabilities.

Implications for Future Research

This comprehensive framework opens avenues for future research, encouraging a systematic approach to studying consumer vulnerability. By integrating existing research and offering a clear definition and methods of identification, Hill and Sharma's work sets a foundation for more focused investigations into consumer vulnerability.

Understanding consumer vulnerability is crucial for creating fair and equitable marketplaces. Hill and Sharma's framework provides valuable insights for researchers, policymakers, and practitioners, enabling them to identify, analyze, and address the challenges faced by vulnerable consumers. This holistic approach is a significant step toward safeguarding consumer interests and promoting ethical practices in the marketplace.

In conclusion, the study by Hill and Sharma is a landmark contribution to the field of consumer research, offering clarity and direction on a topic of vital importance. Its implications extend beyond academia, influencing policy and business practices towards a more inclusive and responsible approach to consumer interactions.

Source - Hill, R.P. and Sharma, E., 2020. Consumer vulnerability. Journal of Consumer Psychology, 30(3), pp.551-570.