A review and p-curve analysis of research on the menstrual cycle correlates of consumer preferences and economic decisions

Abstract

A number of studies have been claimed to show that ovarian hormones, whose levels fluctuate throughout the menstrual cycle, affect consumer preferences and financial decisions. The present article aims to critically analyze the literature examining associations between the phases of the menstrual cycle (peri-ovulatory vs. non-ovulatory) with particular consumer preferences (especially regarding clothing choices) and economic decisions (especially in regards to economic games and risk-taking). A search for studies was conducted in Web of Science and Scopus between 2004 and 2022, by combining keywords of the menstrual cycle, consumer preferences, and economic decisions. Once articles were selected, we identified the main findings, the characteristics of the population, and the methods for determining the phases of the cycle. We performed a p-curve analysis on previously reported statistically significant effects. These analyses find evidence for associations between peri-ovulatory status and specific consumer preferences, most strongly for appearance-enhancing products. They yield no compelling evidence for associations between peri-ovulatory status and financial decisions and risk-taking. We offer provisional conclusions and call for additional studies that possess sufficient statistical power to detect true meaningful effects, especially in the domain of financial decisions.

Keywords: Consumer preferences; Economic decisions; Economic risk; Estrogens; Follicular phase; Hormones; Intrasexual competition; Luteal phase; Menstrual cycle; Ovulatory phase; Progesterone; Sexual preferences.