Friday, 24 October 2014

Friday Research: Nostalgia Shopping - Remind Them Something and They'll Buy

When Will You Use This?  

Creating promotions and product lines, raising funds.

What’s The Red-Letter Bite Today? 

Once I purchased a pretty expensive chair only because it reminded me of a beautiful chair from my grandma's house where I used to play as a kid. I bought that chair because I wanted to feel like that playful kid again.

How useful nostalgia is in marketing?

Current research* looked at how much people were willing to spend, donate, and value money when feeling a sense of nostalgia-evoked social connectedness.
Results revealed that people are more likely to spend money when they’re feeling nostalgic. One reason could be that feeling nostalgic weakens a person’s desire for money.

For example, in one study, consumers asked to think about the past, were willing to pay more for a set of products than consumers asked to think about new or future memories. Also, there was an increased willingness to give more money to others after recalling, reflecting, or writing about a nostalgic past life event.

'Where is my wallet?! I feel like doing some Nostalgia-Shopping!'

Addition To Your Bag of Tricks    

As authors suggest, "this information is useful to brands looking to elicit feelings of nostalgia in their promotions and product lines as well as charitable and political organizations looking to raise funds for others. During times of recession, the authors note that consumers are more reluctant to part with their money and add that nostalgia could be used to help stimulate a dwindling economy."

*Lasaleta J.D., Sedikides C., Vohs K.D. “Nostalgia Weakens the Desire for Money.” Journal of Consumer Research: October 2014. {Thanks for the material}

P.S. When you’re done reading, I’d love for you to share your experience with nostalgia in marketing? Leave a comment or Tweet me, let's chat!

P.P.S. Need some help on crafting your marketing message? Let's do this together.

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