Behavioral Economics of Wellness Investments: How Consumers Weigh Cost and Benefit in Health-Related Services in the Indian Context

Authors

  • Dr. Ajay Kumar Garg Assistant Professor, Department of Commerce, PGDAV College (Evening), University of Delhi Author
  • Mr. Kewal Singh Assistant Professor, Department of Management Studies, College of Vocational Studies, University of Delhi Author
  • Ms. Priyanka Assistant Professor, Department of Commerce, Satyawati College (Evening), University of Delhi Author

DOI:

https://doi.org/10.48047/4nwcgq35

Keywords:

Behavioral Economics, Wellness Investments, Cost-Benefit Analysis, Indian Context, Health Services, Consumer Behavior, Nudging

Abstract

This paper examines how Indian consumers evaluate costs and benefits when investing in wellness services, applying behavioral economics principles like loss aversion, present bias, and framing effects. As India’s wellness industry is set to reach $70 billion by 2025, understanding consumer decision-making is crucial. Using primary survey data from 300 respondents (150 urban, 150 rural) across Delhi, Mumbai, and rural Uttar Pradesh, along with secondary data from industry reports, we analyze the factors influencing wellness investments through logistic regression and structural equation modeling (SEM).

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References

Ali, J., Alam, A., & Ali, T. (2015). Market structure analysis of health and wellness food products in India. British Food Journal, 117(7), 1859-1871.

FICCI. (2023). Wellness Industry Report 2023. Federation of Indian Chambers of Commerce & Industry.

Mishra, U. (2019). Green consumerism: Environmental concern among Indian homemakers. Journal of Emerging Technologies and Innovative Research, 6(3), 23495162.

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Published

2024-12-02

Issue

Vol. 53 No. 03 (2024): Year 2024, Volume 53, Issue 3

Section

Articles

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How to Cite

Behavioral Economics of Wellness Investments: How Consumers Weigh Cost and Benefit in Health-Related Services in the Indian Context (A. Kumar Garg, . K. . Singh, & Priyanka , Trans.). (2024). Cuestiones De Fisioterapia, 53(03), 3962-3978. https://doi.org/10.48047/4nwcgq35