Perceived risk, risk-reduction strategies (RRS) and consumption occasions: Roles in the wine consumer's purchase decision

Johan Bruwer, Miranda Fong, Anthony Saliba

Research output: Contribution to journalArticle

29 Citations (Scopus)

Abstract

Structured AbstractPurpose - This exploratory study examined the relationship between perceived risk, risk-reduction strategies (RRS), and theoccasion-based purchase of wine, a product widely regarded as representing a complex buying situation for consumers in a retailsetting.Design/Methodology - Data was collected in a specialty wine store in Adelaide, Australia using a self-administered questionnaire. A22-item Perceived Risk Scale (PRS) was developed and operationalised in this study returning a Cronbach alpha coefficient of0.717.Findings - The highest perceived risk dimension, namely financial risk, did not differ between risk segments, while the highperceived risk segment observed more social risk than the low perceived risk segment. The high perceived risk segment alsoobserved more psychological risk. Information seeking was the most important RRS used across seven different wine consumptionoccasions. The decreasing order of importance in consumption occasions had an inverse relationship to the closeness of therelationship the wine consumers had with those with whom they may consume the wine they had purchased.Research Implications - Marketers and managers have the opportunity to target consumers mindful of theirspecific perceived risks, and help reduce these uncertainties through the use of individualised RRS managementfocused on consumers’ occasion-based wine purchases.Originality/Value - This study is of value to academic researchers and wine industry practitioners alike. Itcontributes to the knowledge base by developing a new Perceived Risk Scale (PRS) to investigate therelationship perceived risk has on the types of RRS wine consumers use when purchasing wine for various consumption occasions.
Original languageEnglish
Pages (from-to)369-390
Number of pages22
JournalAsia Pacific Journal of Marketing and Logistics
Volume25
Issue number3
DOIs
Publication statusPublished - 2013

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