Unpacking the bundling–performance relationship: a meta-analytic contingency perspective

Purpose The purpose of this study is threefold. First, it seeks to advance theory by consolidating the economic and psychological foundations of bundling, offering a multidisciplinary perspective on the phenomenon. Second, it adopts a contingency-based approach to examine how specific moderators influence the bundling–performance relationship. Prior research has yielded mixed findings, suggesting that this relationship may depend on the bundling strategy and product characteristics. Finally, the study investigates whether the bundling–performance association has changed over time. Design/methodology/approach The authors conducted a comprehensive meta-analysis using meta-regression of 285 effect size estimates of the association between bundling and performance, collected from 120 studies reported in 84 eligible articles, including both published and unpublished research since 1960. Findings This meta-analysis reveals significant, positive association between bundling and performance, supporting the strategic value of bundling for firms and customers. The relationship is stronger for price bundling and mixed bundling, and when bundles comprise tangible, nondurable or complementary products. However, contrary to expectations, the positive association has declined over time, likely due to increased consumer expectations and access to price comparisons and transparency. Research limitations/implications This study is limited by the constraints of meta-analysis, including reliance on quantifiable metrics and existing studies. Underexplored areas in bundling include digital-native bundling formats – such as artificial intelligence-personalized or dynamic generated bundles–, business-to-business contexts and non-US markets. Future research can address these gaps to deepen the understanding of bundling across contexts and customer types. Practical implications This research provides marketing managers with practical guidance for tailoring and enhancing bundling strategies. It confirms the positive bundling–performance relationship is dependent upon the implemented bundling strategies –focus and form-, as well as the underlying product characteristics. However, as consumers grow more informed and skeptical of rigid bundles, managers are advised to prioritize personalization, transparency and customization to maintain bundling attractiveness. Originality/value To the best of the authors’ knowledge, this study offers the first comprehensive meta-analysis of bundling strategies, using 285 effect sizes across 120 studies. It advances the theory by incorporating economic and psychological perspectives, uncovers key contingencies affecting the bundling–performance relationship and provides actionable insights for firms seeking to make bundling strategies more appealing. It also explores the temporal dynamics of the bundling–performance relationship, showing it has been declining over time.