Authors Joann Peck and Suzanne B. Shu decided to put a warning from the Illinois state attorney general's office made 2003 to the test. The warning was directed to holiday shoppers a urged them to be cautious of retailers who encourage them to hold objects and imagine the objects as their own when shopping.
"In our research, we have evidence that the warning from the attorney general is valid. In four studies, we find that merely touching an object increases the feelings of ownership a person has for the object. This, in turn, results in a person being willing to pay more for most objects that they touch versus objects that they cannot touch," the authors write. "We also find that when touch is unavailable, such as shopping online, having people imagine owning a product increases their perception of ownership and how much they are willing to pay for a product."
If people have a positive or neutral response to touching an object, they are willing to pay more for it, the authors explain. However, if an object does not feel particularly pleasant to the touch, it decreases the amount consumers are willing to pay.
"For most products, the touch experience is positive or neutral so merely touching a product usually increases how much a person is willing to pay for an object," the authors write.o
Check out Servant Leadership Summit – learn from 40 top speakers - Listen to legendary Ken Blanchard, Tony Robbins, Steve Piersanti, Liz Wiseman, Marshall Goldsmith etc. Around 40 top speakers for free at (do not mis the b...