Components of Perceived Risk for Consumer Products

Abstract

The present study examined the underlying dimensions associated with perceived risk for consumer products. Eighty undergraduate students evaluated 40 products using seventeen rating questions. Principal components analysis was then performed on the ratings. Results indicated the presence of three underlying components or dimensions along which the products varied. The first component dealt with qualitative aspects of the risks associated with a product, such as the degree to which potential hazards were known (or knowable) and the immediacy of their onset. The second component concerned subjects' familiarity with the product. The third component was associated with quantitative aspects of the risks and reflected notions about the magnitude of the potential harm (in terms of the number of potential victims) that might be incurred as a result of using the product. Subsequent regression analyses revealed that each dimension was significantly related to subjects' rated intent to act cautiously with a product. Overall, these results suggest that people do not perceive consumer products unidimensionally. Rather, such perceptions are best conceptualized as reflecting multiple underlying facets.