Aug 02, 2022
In Welcome to the Forum
What we lack now, we will want back to a greater extent. We saw the rebound effect in the Roaring Twenties , a period of frenzied freedom, consumption and cultural expression that took place after the austere period surrounding the First World War. It looks very likely that we can also look forward to a rough 1920s in the 21st century. In the context of consumer behavior this means a complete rediscovery of everything that was 'just not possible'. I foresee golden years for activities, leisure , holidays and, last but not least, physical retail. What we lack now, we will want back to a greater extent. Product preference and corona Bad events appear to have a predictable impact on our product preferences. Whether it's a personal loss of a loved one, or major global tragedies like 9/11; the subsequent patterns of consumer behavior are very similar. Social psychologists have found that tragedies, disasters and health crises make job function email list us somewhat more aware of our own mortality for a period of time. This awareness entails a subtle mindset shift, which has been extensively mapped within the psychological research field of Terror Management Theory . Rationally, you would expect this mindset to make us a little more cautious or healthier, but the opposite is true. It turns out that it makes us more sensitive to everything that transcends our mortality: cultural traditions, celebrities and – yes – even branded products. Choosing brand in supermarket. On the one hand, this effect explains the increasingly polarized opinions that are marring the public debate in the light of the corona crisis. On the other hand, it affects – in a more innocent way – our product preferences. Psychological studies (van Pommel et al., 2015) show that awareness of mortality increases our attraction to 3 specific product types: Luxury items Famous brands Local brands In the light of Terror Management Theory, it is therefore not surprising that the luxury car segment performed relatively surprisingly well during the lockdown.