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Impact of risk perception on customer purchase behavior: a meta-analysis

Zhihong Li (School of Management, Lanzhou University, Lanzhou, China and Evidence-based Social Sciences Research Center, Lanzhou University, Lanzhou, China)
Yongzhong Sha (School of Management, Evidence-based Social Sciences Research Center, Lanzhou University, Lanzhou, China)
Xuping Song (Evidence-based Social Sciences Research Center, School of Public Health, Lanzhou University, Lanzhou, China)
Kehu Yang (Evidence-based Social Sciences Research Center, School of Public Health, Evidence-Based Medicine Center, School of Basic Medical Sciences, Lanzhou University, Lanzhou, China)
Kun ZHao (Evidence-based Social Sciences Research Center, School of Public Health, Lanzhou University, Zhejiang University, Hangzhou, China)
Zhixin Jiang (School of Management, Evidence-based Social Sciences Research Center, Lanzhou University, Lanzhou, China)
Qingxia Zhang (School of Management, Evidence-based Social Sciences Research Center, Lanzhou University, Lanzhou, China)

Journal of Business & Industrial Marketing

ISSN: 0885-8624

Article publication date: 25 September 2019

Issue publication date: 8 January 2020

4904

Abstract

Purpose

Risk perception is an essential factor affecting how individuals evaluate risk, make decisions and behave. The impact of risk perception on customer purchase behavior has been widely studied; however, the association has been debated. Therefore, the purpose of this paper is to examine the relationship between risk perception and customer purchase behavior and to examine factors that could moderate it.

Design/methodology/approach

This study conducted a meta-analysis of this relationship and examined factors that could moderate it. Six databases were comprehensively searched. Two reviewers independently selected the studies for inclusion, extracted data and assessed quality. Pearson's r was used as the effect estimate. A total of 33 studies were included in the meta-analysis.

Findings

The results revealed a negative relationship between risk perception and customer purchase behavior. The geographical region, purchase channel and country development level affected the relationship. The correlation between perceived risk and purchase behavior in European consumers was the highest, followed by the correlation in American consumers; the weakest correlation was found in Asian consumers. For consumers in developed countries, perceived risk had a stronger negative influence on customer purchase behavior than that for consumers in developing countries. The perceived risk of online purchase channels had a stronger negative impact on customer purchase behavior than that of offline purchase channels.

Research limitations/implications

Risk perception is a useful context in which to explain barriers to customer purchase behavior. In addition, reducing consumers’ risk perception and perfecting the market transaction process with respect to buying behavior should be further studied.

Originality/value

The findings of this review indicate a direct negative relationship between risk perception and customer purchase behavior. To the best of the authors’ knowledge, this review is the first to meta-analytically summarize the impact of risk perception on customer purchase behavior in social sciences research, and it also illuminates new perspectives for future studies.

Keywords

Acknowledgements

This research was supported by the Key Project of the Chinese Ministry of Education for Philosophy and Social Science: Big Data-Driven Risk Research to Improve Urban Public Safety (grant no. 16JZD023) and the Fundamental Research Funds for the Central Universities: Big Data-Driven Risk Prewarning Research Public.

Safety (Grant no. 17LZUJBWZD012) and Evidence-based Social Science Research (Grant nos. 16LZUJBWTD013 and 18LZUJBWZX006).

Conflicts of interest: The authors declare that all authors have no competing interests.

Citation

Li, Z., Sha, Y., Song, X., Yang, K., ZHao, K., Jiang, Z. and Zhang, Q. (2020), "Impact of risk perception on customer purchase behavior: a meta-analysis", Journal of Business & Industrial Marketing, Vol. 35 No. 1, pp. 76-96. https://doi.org/10.1108/JBIM-12-2018-0381

Publisher

:

Emerald Publishing Limited

Copyright © 2019, Emerald Publishing Limited

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