This study attempted to segment perceived risk of health food, and identify
differences of purchase behavior by those segments. A sample of 307 surveys which
showed a 87.7% usable response rate. Confirmatory factor analysis was adopted to
identify five underlying dimensions of perceived risk of health food : financial,
performance, physical, social, and time-loss. A cluster analysis of perceived risk of
health food based on the underlying dimensions identified resulted in three clusters of
perceived risk of health food (highly-perceived group, mid-perceived group,
low-perceived group). The highly perceived group of perceived risk were found to differ
from the other two groups on levels of their satisfaction and loyalty. And the
managerial implications of these results for perceived risk of health food are examined.