We analyze the preferences of 1180 German consumers for investment guarantees in financial products by means of choice-based conjoint and latent class analysis. Based on the segment-level partworth utility profiles, we then identify the most important investment guarantee features, analyze consumer demand in a realistic market setting, and test whether individual purchasing behavior can be explained by socioeconomic characteristics. Our results show that two buyer and two nonbuyer segments exist. Although their willingness to buy varies significantly, we document only a small degree of heterogeneity with respect to the individual guarantee attributes and levels. Across the sample, the guarantee period is most important, followed by the volatility of the underlying fund, and the up-front premium. Finally, we illustrate that particularly those socioeconomic characteristics with an impact on individuals’ financial situation are promising predictors of their willingness to purchase investment guarantees.

我们通过基于选择的联合和潜在类别分析分析了 1180 名德国消费者对金融产品投资担保的偏好。然后，基于细分级别的 Partworth 效用配置文件，我们确定了最重要的投资保证特征，分析了现实市场环境中的消费者需求，并测试了个人购买行为是否可以用社会经济特征来解释。我们的结果表明存在两个买家和两个非买家细分市场。尽管他们的购买意愿差异很大，但我们仅记录了关于个人担保属性和水平的少量异质性。在整个样本中，保证期最为重要，其次是基础基金的波动性，以及前期溢价。最后，