Those prices are HOT! : how temperature-related visual cues anchor expectations of price and value

For most humans, the local environment can have a major influence on their attitudes and behaviors. Whether it is the ambient smells (Mitchell et al., 1995), sounds (Spangenberg et al., 2005), color (Bellizzi and Hite, 1992) or warmth (Huang et al., 2014), the immediate surrounds play a part in how we feel and the decisions we make. It is no surprise, then, that weather also has the ability to shape what we think, feel and do. For example, research has shown weather can influence stock returns (Goetzmann and Zhu, 2005, Jacobsen and Marquering, 2008), retail sales (Starr-McCluer, 2000, Steele, 1951), food consumption (Bruno et al., 2017, Lucht and Kasper, 1999), helping behaviors (Cunningham, 1979, Rind, 1996) and willingness to pay (Murray et al., 2010). However, most of the existing research has typically examined the effects of actual weather (Bruno et al., 2017, Goetzmann and Zhu, 2005) and ambient temperature (Bruno et al., 2017, Murray et al., 2010). The current research aims to extend the findings in this area, with specific focus on the research undertaken by Murray et al. (2010) by testing a novel prediction that weather and temperature cues can lead to anchoring effects, thus influencing consumer behavior in a subtle and indirect manner. Specifically, building on the research by Murray et al. (2010), it is proposed that high (vs. low) temperature cues will increase higher levels of price valuations for a given product or service. In addition to influencing evaluations of price or value, it is anticipated this anchoring effect will be moderated by impulsivity and positive affect will mediate the relationship. By theoretically and empirically examining the anchoring effects of temperature cues, this research makes three important contributions. First, the current study shows how subtle, indirect visual (temperature) cues cause anchoring effects that guide perception and individual notions of value. Second, it demonstrates how impulsivity attenuates the effect and third, identifies 'positive affect' as an underlying causal mechanism.