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CNBC: The risky thinking that will define the post-Covid consumer: Wharton psychology guru

Instead of jumping to a conclusion about the post-Covid consumer, revert to one that psychology studies educated us on long before the pandemic. Individuals don’t change habits easily, and what they may stand to lose by changing behavior weighs more heavily on the mind than any potential gain. “Breaking habits is hard. It is an uphill battle,” said Wharton professor of marketing and psychology Deborah Small at the recent CNBC Small Business Playbook Summit. The idea related to the way we perceive risk behind that is known in the academic field as loss aversion, and the pandemic did complicate it. An unprecedented event that suddenly forced consumers to go against their nature and into new behaviors. Read more at CNBC.

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