Thursday, December 16, 2010

How Luxury Goods Affect the Brain And Drive More Purchases

According to a study by Henrik Hagtvedt of Boston College and Vanessa Patrick of the University of Houston to be published in the Journal of Marketing Research, customers who purchase luxury items that don't blend in with either their wardrobe or their home tend not to return these products. Instead, they buy more--usually cheaper--products to complement their new acquisitions.
The cost more often than not exceeds that of the original purchase, creating a vicious cycle of consumption. Patrick and Hagtvedt term this “aesthetic incongruity resolution.” We call it not being shamed by your classy, design-conscious friends.
In talking to people, it turns out that this is a pretty common occurrence. We buy something we really like--after all what could be so wrong in purchasing a cute purple sweater or a unique little side table for the hallway? But, we take it home and that's when it happens…these items become really hard to give up.
So we buy more. And before we know it, we have purchased matching necklaces, shoes and bags, to go with the purple sweater or paintings, new wallpaper and new lighting to accommodate the unique side table."

-More
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