Consumer Protection in Advertising of the Future in the Context of Economic Instability
DOI:
https://doi.org/10.57125/FEL.2022.09.25.02Keywords:
amendment, compensation, consumer education, deceptive advertising, ethics, legislation, manipulationAbstract
The aim of the research is to analyze the evolving landscape of advertising in the context of economic instability. The authors focused to achieve the following research objectives: to explain the effect of economic instability upon deceptive advertising practices; to outline future advertising technologies; to describe the potential improvements of consumer rights protection regulations; and to reveal the role of social media in shaping advertising practices. The research included a sample size of 123 respondents from different regions of Ukraine (Ivano-Frankivsk, Kyiv, Poltava, Dnipro). The data was collected through online questionnaire and face-to-face interviews between January and June, 2022. Data analysis was carried out through quantitative and qualitative methods. The findings showed that economic instability is characterized by introduction a number of deceptive advertising practices. They include: false advertising, bait-and-switch, hidden fees, misrepresentation of endorsement, false comparison, manipulative visuals, deceptive comparison, and false sense of urgency. There are ten advertising technologies that will be widely used in the future: augmented reality, virtual reality, artificial intelligence personalization, 3D holographic advertisements, voice-activated ads, neuromarketing analytics, smart wearable integration, interactive digital billboards, Internet of Things, and emotionally responsive ads. According to the research, enhancement of consumer rights regulation requires flexibility, increased consumer protection, transparency, support for vulnerable customers, consumer education, data protection, interagency collaboration, alternative dispute resolution, long-term focus, and assessment of the regulation impact. The authors outlined the measures that may contribute to protection of consumer rights on social media (increased awareness, real-time monitoring and response, control over misinformation or scams, consumer education, prioritizing consumer protection reforms, creation of consumer advocacy groups). The outcomes can be implied for the development of effective regulations considering future advertising practices to protect consumers. Besides, the outcomes can be used for the designing of consumer education program to train individuals to navigate the rapidly evolving economic environment.
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