Weather, Devices, and Investments: How Mobile Technology Shapes Consumer Decisions
(A2025-124567)

AUTHORS

Pauline Engel, LMU Munich School of Management; Martin Spann, LMU Munich School of Managment

ABSTRACT

Mobile technologies have transformed retail investing by exposing consumers to situational influences such as weather. This study examines how weather (sunny vs. rainy) and device type (mobile vs. laptop) interact to impact financial decisions, mediated by mood and opportunity costs. A 2x2 experiment shows that bad weather lowers mood, which reduces the likelihood and amount of investment, particularly for mobile users. Conversely, bad weather lowers opportunity costs, increasing trading volume for laptop users. While weather and device type do not directly affect investment behavior, these psychological mechanisms explain their interaction. Mobile devices foster mood-driven behaviors, while laptops are associated with time-intensive trading. These findings highlight the importance of device type in financial decision-making. Mobile brokerage apps can apply weather-based personalization strategies, such as decision prompts and risk warnings, to mitigate emotional biases and improve user experience.