Unwrapping Value: How More Choices Increase Perceived Worth -Even for Holiday Gifts!

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Marketing Science Lab

Decoding the science of digital persuasion.

47 episodes

5 days ago

Welcome to the Marketing Science Lab, where data meets strategy. Join us as we dissect the latest marketing research, uncovering the science behind consumer behavior and effective campaigns. We translate complex studies into actionable insights, empowering you to make informed decisions and achieve measurable results.

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Unwrapping Value: How More Choices Increase Perceived Worth -Even for Holiday Gifts!

Marketing Science Lab

6 minutes 34 seconds

10 months ago

Unwrapping Value: How More Choices Increase Perceived Worth -Even for Holiday Gifts!

Source: Chan, E.Y. (2024), Choice, Psychological Ownership, and Option Valuation. Psychology & Marketing. https://doi.org/10.1002/mar.22150

Full Show Notes: https://www.marketingsciencelab.org/p/more-choices-increase-perceived-worth

This episode explores fascinating research published in Psychology & Marketing (Wiley, 2024) by Eugene Y. Chan, exploring how offering a greater number of choices impacts a consumer's valuation of their selection. Challenging the conventional wisdom of "choice overload," this paper reveals that more options can actually boost the perceived worth of the chosen item by fostering a sense of psychological ownership. Just in time for the holiday season, we unpack how this applies to gift-giving and marketing strategies.