25 Nov 2021 19:59 IST

Why people hoard things they don’t use

And, what marketers can do to mitigate this effect of perceived treasures that leads to nonconsumption.

Marketing products as exclusive or special can increase valuations, but it can have a downside if it means that thing never gets used. If we buy a bottle of wine that we never end up using, then you may actually be less likely to buy from the brand. We might think, “Well, I never used the bottle of wine. Maybe I shouldn’t buy from them again.”

Here are some ways for marketers to deal with this:

Making associations

Associating products or offerrings with a specific occassion helps with recall value. For instance, a fancy dress can be described as a “New Year’s dress” or “Diwali special” to urge customers to pick up the dress when it’s that time of the year.

Setting an expiry date

Brands could consider encouraging consumers to use their offerings by setting an expiry date as it allows people to see their own foibles in decision-making if they put off using a product for too long. It’s easier to do this for perishables and groceries, but needs more creative thinking for other products or services.

Read the complete story here.