Wednesday, July 30, 2014

Ever Wonder Why People Are Prone to Buying Old Junk?

And why some firms market nostalgia?

This may be part of the explanation:

THE DAILY STAT: Harvard Business Review

July 29, 2014

Science Shows Why Marketers Are Right to Use Nostalgia

Nostalgia, by heightening feelings of connectedness, reduces people’s desire for money, says a team led by Jannine D. Lasaleta of the Grenoble School of Management in France. In one experiment, nostalgic feelings increased people’s willingness to pay for desired objects. In another, participants who were asked to draw pictures of coins drew them 10% smaller after writing about a nostalgic event. Inducing warm feelings about a cherished past could bring big benefits for those seeking to part consumers from their money, the researchers say.
SOURCE: Nostalgia Weakens the Desire for Money

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