Does our sense of smell influence our buying behavior? Yes – at least for people with a high “need for smell.” A study carried out at WU (Vienna University of Economics and Business) has shed more light on the role the nose plays when shopping.
One of the most effective strategies in the fight against the pandemic is also one of the cheapest: FFP2 masks are an effective means for curbing the spread of COVID-19. So why are we seeing such a strong anti-mask sentiment in the population? How can people be convinced to wear the much-maligned piece of cloth? Researchers at WU (Vienna University of Economics and Business) have come up with an unconventional suggestion: They recommend personalizing face masks.
Turning an old car airbag into a backpack or pieces of truck tarp into shoulder bags – this is called upcycling. A study carried out at WU (Vienna University of Economics and Business) shows that the story behind a product can be an important incentive to buy. The previous identity of a product can make buyers think about the product’s history and create a sense of owning something unique.
In Asia, rapid economic growth and increasing prosperity among the middle classes have led to a surge in consumption. This is often seen as a move towards materialism and individualism. A study carried out at WU (Vienna University of Economics and Business) shows, however, that consumption in collectivist societies – i.e. societies that place the interests of the community over those of the individual – is more pro-social than in individualistic societies.
The fashion industry is increasingly giving a more active role to customers. Many brands make it possible for customers to make their own design choices when it comes to selecting colors, fabrics, and cuts. But does this approach also work for luxury brands? Hermès ties with personalized print patterns or customized Valentino dresses – is this a viable approach for the entire industry? This is the question a team of researchers headed by Martin Schreier and Silke Hieke from WU Vienna’s Institute for Marketing Management set out to answer. The bottom line: Luxury brands should be careful not to take customization too far.
Your data, your choice.