Word: start
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Dates: during 2000-2009
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...what else is hot in consumer psychology right now? Companies will start to play a mind game with consumers that is slightly different from what we've seen in the past. Some companies assume that the consumer doesn't have any money. But now they're learning that that's not the case. Consumers still do have money - at least many do - but the reason that they're not spending it is because they're afraid they may lose the money in the future...
...make people feel comfortable about spending money. The best example of that was Hyundai, which said you can return your car within a year if you lose your job and get a refund. That's a major change you will see in marketing. And then you will see companies start to build the very functional, practical dimensions of their brands. If you take Louis Vuitton as an example, they will say, "In the future, when you buy a Louis Vuitton bag, it's not just the most fashionable bag on the market, it also has a two-in-one dimension...
Also, companies will start to talk about the past rather than the future. We're seeing that happening a lot with brands now. They're saying, "Hey, if you talk about the past, people feel safe." For instance, I went on a summer holiday, and it was a disastrous holiday. The weather was crap, the food was bad and the hotel was bad. But when you look at the photos from that holiday two years later, you kind of forget all the bad memories you had. That's exactly what's happening in our minds. Companies will start to push...
...live without it, I'll look sexy and popular and whatever." On the other side, they are providing rational arguments to hand over to the husband when they come home. When the husband sees this bag and says, "What the heck are you thinking about?" she will immediately start this argument, saying "Well, I'm not going to buy another bag for four years." Now that's not going to be the truth. But that's what the woman believes in that moment...
...what kind of mind games can I play to stop myself from spending money I really need? Number one: don't bring your credit card out to the mall. When you buy something with cash, it feels like it's much more expensive. And because of that, you actually start to say to yourself, "Hey, is this really worth it?" That's trick number one. Trick number two is related to dopamine and addiction. Take a distance to things. If you go out and you want to buy the bag, the golden rule should be to say, "Hey, I really...