Customer Preferences in Choosing Financial Products in Hunan, China

C-W. Liu, C. Deng

Abstract



Most consumer analyses focus on predicting needs based on past behavior. This study aimed to determine consumers’ true preferences for financial products in order to assist financial institutions in identifying and developing new business opportunities. The regional preferences for and characteristics of financial products, and their business potentials, were analysed using a combination of the Stated Preference method with the Multinomial Logit and Nested Logit models. This study also examined product elasticity and market share to understand the substitution relationships in Hunan, finding that gains and losses in stock returns had the most impact on consumers’ choices out of all investment products considered.

Keywords


Stated preference, Multinomial logit model, Nested logit model, Product choice, Financial behaviour

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