Black Friday. Small Business Saturday. Cyber Monday. What do these three “holidays” have in common? Americans spend, spend, spend with the hopes of huge savings. To better understand what these big shopping days mean for consumers, Poole College communications spoke with Stacy Wood.
As the Langdon Distinguished University Professor of Marketing and Executive Director of the Consumer Innovation Consortium (CIC), Wood’s research focuses on how consumers respond and adapt to change and/or innovation. Below are her insights.
“Online specials for Cyber Monday will not just be for products, but will also feature deals on experiences and adventures. This is important to remember in light of one of the most interesting trends in consumer behavior: the movement toward the purchase of experiences over things. Many consumers find that buying experiences (e.g. a trip, dinner out, dance classes) have benefits over buying tangible goods.”
Impacts on Consumer Behavior
“The impact can be even larger when the choice is for a gift as shared experiences often create stronger memories than gifted goods, ultimately building a closer relationship between the gift-giver and the gift recipient. Scholars who study the consumption of experiences suggest that there are two types of “happy” experiences people buy: extraordinary experiences (once-in-a-lifetime trips, etc.) and mundane experiences (talking with a friend over coffee, etc.).”
“Research shows that age can determine whether or not you will get more from an extraordinary or mundane experience. Data show that younger people gravitate toward extraordinary experiences as they “build up the resume” of their life. Older consumers, however, more highly value and prefer more mundane experiences.”