A framework for the formation and structure of consumer expectations: Review and propositions

Expectations have been found to have an important impact on decision-making in a wide variety of consumption settings. In this paper, the concept of expectations of product attribute levels and purchase-related outcomes is discussed as an important but largely neglected area in consumer behavior research. Relevant works on the formation of expectations from consumer psychology, economics, and behavioral decision theory are reviewed, a general framework for the formation process is formed, and propositions for a research agenda are suggested.