I don’t have many bags because every time I see one that I’m relatively interested in, I ask myself if I would still like it two seasons later — that’s usually the dealbreaker. It has saved me an awful lot of heartache over large sums of money, though it doesn’t explain why I still have two shelves of clothes yet unworn.
Why do people buy now, and regret later? Jane Wang posits that such consumers make irrational purchase decisions because they neglect to consider the diminishing enjoyment from owning a product. When consumers don’t think about how much they will enjoy the product in the long run, they tend to purchase it more readily. Conversely, consumers might be dissuaded from buying a product if they actually consider how much they will enjoy it over a long period of time.
This has an interesting application for marketing managers: they should focus on the “here and now” when promoting a product, instead of reminding consumers of the duration over which they will use it. For example, marketers might want to focus on where the consumer might take that bag immediately, instead of how it might (or more probably, might not) last the next few seasons.
I suppose it might be much easier to concentrate on the here-and-now in the fashion industry than, say, in the automobile industry. After all, we don’t really expect all that stuff on the runway to be there again next season, and the next, and the one after that.
This probably isn’t much news to conscientious shoppers, though I think it offers a rather interesting framework with which we can assess marketers’ strategies in promoting next season’s new obsession.
(Photo Credits: Alexander McQueen Official Site)