What’s going on in my mind? The effects of cognitive differences on buying impulsiveness, cognitive dissonance, and price consciousness

Abstract Buying impulsiveness, tendency for cognitive dissonance, and price consciousness may differ among consumers, primarily because of differences in individuals' time orientation, thinking style, risk perception, and cognitive flexibility. This exploratory hypothesis‐testing study aims to examine whether the cognitive differences in future orientation, holistic thinking, risk perception, and cognitive flexibility of consumers affect buying impulsiveness, tendency for cognitive dissonance, and price consciousness, through hypothesis testing and structural equation modelling. Data were collected face‐to‐face from 414 participants across the two largest cities of Turkey (İstanbul and Ankara) using the convenience sampling method. The findings demonstrate that future orientation, holistic thinking, and risk perception negatively affect buying impulsiveness. The tendency for post‐purchase cognitive dissonance is negatively affected by future orientation and holistic thinking and is positively affected by risk perception. Price consciousness, however, is affected positively by future orientation and negatively by risk perception. In addition, cognitive flexibility, which is also shaped by future orientation and holistic thinking, increases price consciousness and plays a mediating role in the relationship between future orientation and price consciousness.