Money can't buy love.Expensive weddings = higher divorce rate. Why? Well perhaps it's due to the hedonic treadmill. |
The hedonic treadmill refers to the constant pursuit of happiness and the belief that material possessions will bring that happiness. However, as we acquire more material possessions or experiences, the happiness they bring becomes fleeting and short-lived. The same principle can be applied to expensive weddings. Many couples believe that an extravagant wedding will bring them happiness and a strong foundation for their marriage. They invest thousands of dollars into the wedding day, from the venue and catering to the dress and decorations. However, studies have shown that the more money spent on a wedding, the higher the divorce rate. Correlation does not = causation, but maybe there's something in this. Cheers, Phill Agnew |
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Commitment Devices Read online Often we plan to do something and don't. Donating blood, going on a run, watching that webinar. We want to, but forget. This drives marketers insane. People sign up for their eventsโbut no one comes. Katy Milkman, a brilliant professor at the Wharton School at the University of Pennsylvania, found a solutionยน. She used a commitment device. Milkman and her colleagues teamed up with a large American utility firm to see if they could prompt more of the company's...
Incentives: Do they work? Read online I've been critical of incentives in the past, citing examples where they backfire. But thisยน incredible 2016 study altered my opinion. Across 63 schools, 10,649 pupils in their final year of GCSEs took part in an experiment. The schools in the study. The students were split into three groups: Control group: these students received no financial incentives Financial rewards: would receive to ยฃ320 for attendance, behaviour, classwork and homework...
The Anchoring Effect Read online "๐๐ฐ๐ถ๐ต๐ฉ๐ฆ๐ฏ๐ฅ: ๐๐ฐ๐ต ๐ฒ๐ถ๐ช๐ต๐ฆ ๐ต๐ฉ๐ฆ ๐๐ข๐ญ๐ฅ๐ช๐ท๐ฆ๐ด ๐ฃ๐ถ๐ต ๐ธ๐ข๐ณ๐ฎ๐ฆ๐ณ ๐ต๐ฉ๐ข๐ฏ ๐๐ณ๐ช๐ฎ๐ด๐ฃ๐บ." Why does this line work? Well, it's due to a great use of the ๐๐ง๐๐ก๐จ๐ซ๐ข๐ง๐ ๐๐๐๐๐๐ญ. Anchoring = "๐๐ข๐ญ๐ถ๐ฆ ๐ฑ๐ฆ๐ณ๐ค๐ฆ๐ฑ๐ต๐ช๐ฐ๐ฏ ๐ฅ๐ฆ๐ฑ๐ฆ๐ฏ๐ฅ๐ด ๐ฐ๐ฏ ๐ธ๐ฉ๐ข๐ต ๐บ๐ฐ๐ถ ๐ข๐ฏ๐ค๐ฉ๐ฐ๐ณ ๐ช๐ต ๐ข๐จ๐ข๐ช๐ฏ๐ด๐ต." In a 2022 studyยน, 404 shoppers tested how reference prices affect perceived value. When Ben & Jerryโs ($3.99 for 16oz) was shown next to Walmartโs cheaper $1.99 tub, only 27% rated Ben & Jerry's as great value. But when paired with a costlier $4.99 Halo...