Consumer Vulnerability: A Systematic Literature Review and Future Research Agenda

ABSTRACT This study aims to perform a thorough synthesis of the literature on consumer vulnerability through a systematic review of total 87 research papers in this field, published in top‐tier journals as defined by Journal Citation Report's (JCR) impact factor of at least 1.0 or an A*/A rating in the Australian Business Deans Council (ABDC) journal quality list. A thorough synthesis of the literature on consumer vulnerability was presented using a hybrid review approach that integrated bibliometric and lexicometric analysis with a systematic literature review. Numerous theories have been applied to the study of consumer vulnerability, according to the findings, with the social exchange theory, resource‐based theory, and consumer culture theory being the most frequently utilized. A conceptual framework that depicts the connections between the antecedents, mediators, and effects mentioned in the literature on consumer vulnerability is also suggested by the review. Four main themes in consumer vulnerability research were found by lexicometric analysis: research and consequences, behavioral aspects of consumer vulnerability, characteristics of vulnerable consumers, and sources of consumer vulnerability. Finally, we interviewed five academic experts and five industry experts to validate the findings and model. The review provides critical insights for marketing managers, merchandisers, and policy‐makers to address and reduce consumer vulnerability. While the consumer vulnerability literature is growing, it is often incoherent and fragmented. This study addresses this gap by synthesizing research in this field to provide a comprehensive understanding of the consumer vulnerability phenomenon. To expand research in this field, the study also identifies understudied aspects of consumer vulnerability and makes recommendations for future research directions including alternative theories, context, characteristics, and methodologies.