外文原文
College studentsrsquo; consumption
of credit cards
Charles Blankson, Audhesh Paswan and Kwabena G. Boakye
Department of Marketing and Logistics, University of North Texas,
Denton, Texas, USA
The literature reveals that spending and credit card use among college students is on the rise (Hayhoe et al., 2000; Roberts and Jones, 2001). Credit card firmsrsquo; interest in cultivating a relationship with college students and the importance that banking and financial institutions place on credit card brands is now well documented (Cargill and Wendel, 1996). Interestingly, however, despite the nagging need to understand the motivations behind the choice for credit cards and the determination of the importance attached to credit cards by college students (Noble et al., 2009; Worthington, 1998, 1999), to date, the literature is silent on the key factors underpinning college studentsrsquo; decisions about owning credit cards. More specifically, the factors underpinning college studentsrsquo; selection of credit cards are unknown. In addition, the importance that college students place on credit cards is undocumented in the literature (Noble et al., 2009). To date, not a single study has systematically explored the exact nature of the dimensionality underpinning college studentsrsquo; selection criteria of credit card brands and the usefulness of credit cards to them. This has contributed toward credit card marketers less informed in the application of marketing and positioning strategies than they might otherwise be. These gaps in the literature are important research tasks that underscore the impetus for this research.
Despite the scrupulous debate and research activities on college studentsrsquo; credit card debt and credit card firmsrsquo; ethical practices on college campuses (Chen and Volpe, 1998; Hayhoe etal., 2000; Roberts andJones, 2001), still, the specific factors that reflect college studentsrsquo; choice for their credit cards are unclear. The latter is crucial in that these factors are bound to form the basis upon which marketing and positioning strategies and policies involving youth indebtedness, debt management and ethical practices in credit card marketing may emerge.
College students have purchasing power of $200 billion annually. They are trendsetters, brand loyal, early-adopters and with influence over parental purchases (Noble et al., 2009). In addition, college students are bound to enjoy future higher living standard made possible with credit facility, and specifically, credit cards (Worthington, 1998,1999). The literature shows that some 70-80 percent of US college students have at least one credit card. However, on average, most have three cards (Punch, 1991; Armstrong and Cravens, 1992; Jover and Allen, 1996; Hayhoe et al., 2000). Clearly, this shows that the college student market is a viable business venture (Worthington, 1998, 1999) in the credit card sector of the banking/financial services industry. This makes the college student market worthy of interest by marketers.
However, despite the importance of this market to financial services marketers, one uncovers a paucity of documented empirically based scales aimed at measuring the reasons why college students choose their credit cards. An exception is Blanksonrsquo;s (2008) scale measuring college studentsrsquo; choice of credit cards. Employing the multi-item scale development procedure, Blankson developed and validated a scale to measure college studentsrsquo; choice criteria of credit cards. The authorrsquo;s scale identified four factors (“buying power” 一 or purchasing power, “incentives”, “firmfs reputation” and “good credit rating”). Acknowledging that the results serve as a basic building block for measuring college studentsrsquo; choice criteria of credit cards, Blankson suggest that his research provides the prelude to further replication studies.
Worthy of note is that while previous studies have shown interest in studentsrsquo; choice criteria of banks (Devlin, 2002; Devlin and Gerrard, 2004); these studies deal with banks and overlook credit cards, an important bank product. Thus, the importance of the college student market coupled with the pivotal role played by replication studies in marketing research makes the generalization of the college studentrsquo;s motivations for consuming and patronizing credit cards a desirable research task (Hubbard and Armstrong, 1994; Noble et al., 2009).
Following in the footsteps of Noble et al. (2009), the first purpose of this study is to empirically examine college studentsrsquo; motivation for consuming credit cards and identify the usefulness of credit cards to them. The second purpose relies on Malhotra et al.rsquo;s (1999) advice by replicating and then extending Blankson (2008). Replication studiesrsquo; value in enhancing generalization in marketing science does not need elaboration (Popper, 1968). Empirical replication under varied conditions should therefore be the foundation of any good marketing theory as it is in physics and other “natural sciences” where repeatable results ensure acceptance as science (Dallrsquo;Olmo Riley, 1995).
There is scrutiny of and criticism of single-shot studies that dominate empirical studies in marketing and management (Hubbard and Armstrong, 1994; Easley and Madden, 2000; Evanschitzky et al., 2007). Indeed, the paucity of replications in marketing research is creating much concern among marketing scholars including Evanschitzky et al. (2007) and Easley and Madden (2000) who caution that practitioners are becoming skeptical about using results from studies not replicated. Supporting the need for replication research, Eden (2002) writes that high-quality replication studies greatly affect sound management and marketing practices (see also Evanschitzky et al., 2007).
The present research, thus, comes at an opportune time due to the lack of appreciation of college
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