••• consumer psychology
‘I know you’ll love it’
Study looks at psychology of gift-giving
Have you ever bought a gift for a friend, simply because it’s a gift that you would like yourself? If so, that was likely an instance of you projecting your own attitudes onto your friend, assuming your friend shared your preferences. Such activity is called “social projection” and was the focus of research from Baylor University’s Hankamer School of Business.
The study, I Love the Product, but Will You? The Role of Interpersonal Attachment Styles in Social Projection, was authored by Meredith David, assistant professor of marketing, and published in Psychology & Marketing. Research results are based on surveys of 1,272 people across five studies.
The research reveals that people who are secure in interpersonal settings are the ones most likely to engage in social projection (making choices on behalf of others based on their own preferences). Conversely, those who are anxious in such settings are less likely to assume that others share their own preferences and less likely to make choices for others based on their personal attitudes.
“You’d think that secure people with lots of friends and healthy personal relationships would have a better idea of what someone would like as a gift but that’s not the case,” David says. “This research shows that individuals who are anxious in interpersonal situations and who have fewer close, personal relationships are better at predicting what a person may like.”
Securely attached individuals, David says, are people who expect others will be available and supportive when needed. Anxiously attached individuals have less-positive expectations about interpersonal-related situations and constantly worry about relationships.
“The findings of this study are counterintuitive and contrary to much of the literature, which says secure attachments are most desirable and attachment anxiety is only associated with negative behaviors and outcomes,” David says. “My research suggests that secure attachments may not always be the best or most optimal.”
Secure individuals tend to be older, in a committed relationship and earn a higher income. Anxious individuals tend to be younger, single and earn a lower income. A securely attached person is more apt to choose a gift based on his/her own preferences. An anxious person is more apt to consider what the recipient may like and will make a choice based less on his/her own personal preferences.
“A key takeaway is that secure people [people who have healthy relationships and feel comfortable in interpersonal settings, etc.] should be mindful of their propensity to assume others like what they like,” David says. “Gifts should be thoughtful and securely attached folks need to take caution when selecting and buying gifts. Importantly, these individuals should strive to put their own preferences aside when considering what others may like.”
David says her research can impact many areas of the market, including gift-giving and marketing to gift buyers, as well as human resources and hiring. One example given in the study is that of a company that lists on its Web site a group of products that have been deemed “good gifts” for purchase. Based on the results of this research, the company could see a greater return if its target market consists mainly of securely attached individuals.
“Specifically, the findings show that less-anxious, more securely attached individuals are more likely to project their attitudes onto others,” David says. “Thus, it is likely that, while shopping online, [securely attached] individuals are more likely to assume that others would also like products from that store.”
Thus, a potential sale.
David says human resources professionals and hiring managers may benefit by considering the attachment styles of job candidates and using the research to guide their evaluations as to which candidates may perform better in certain roles.
“For example, it is not uncommon that marketers and salespeople must predict preferences of the customers, at least as they relate to new products, pricing promotions, etc. Sales and product development positions may be better suited for anxiously attached individuals; whereas financial, technical or market research positions may be a better fit for secure individuals,” David says.
••• hispanic research
Love of music drives Hispanic media use
Radio still a key source
A proclivity for music, combined with a preference for everything digital, has made music an important online activity – both personal and social – for Latinx consumers, according to Nielsen. (Nielsen uses the term Latinx to connote unspecified gender. The decision is a nod toward greater inclusion of women, LGBT+ and non-binary Hispanics and the growing popularity of the term in social media and academic writing.)
Whether through streaming songs, watching videos or following a favorite artist on social media, digital media provide a seamless avenue for Latinx to embrace their deep attachment to their roots, as well as share their culture widely.
A deeper dive into how Latinx consume music reveals just how ingrained this art form is in Hispanics’ daily lives. In fact, Latinx consumers spend 32 hours a week listening to music, outpacing non-Hispanic whites and the total U.S. population. Radio – both online and terrestrial – remains a key source of music for Latinx, who consume far more radio than the total U.S. population But while traditional radio consumption is steady, streaming audio consumption is really taking off.
Streaming has become the most popular source of Hispanics’ music listening, accounting for almost half of listening time. Moreover, 45 percent of Hispanics subscribe to a streaming service for music, radio and podcasts, more than non-Hispanic whites, who clock in at 40 percent. And there’s plenty of room for streaming subscription growth, as more than a third of Hispanics say they’re interested in signing up for a subscription service in coming months.
With such an ear for music, it’s no surprise that Latinx consumers have proven quick to adopt new technology to listen to it. More than one in five Latinx households owns a smart speaker, which is higher than the total population. These devices represent another strong opportunity for growth, as 58 percent of Latinx consumers say they want to acquire some type of smart speaker in the future, 16 percentage points higher than the total population.
Consider also that the average Hispanic consumer over the age of 13 uses four devices to listen to music, radio and podcasts each week. This shows a comfort and ease with using technological devices that will inevitably spill over to new platforms as they’re developed in the future. Thanks to their passion for music and inherent gregariousness, Latinx consumers have become leaders in digital-early adoption, incorporating online fluidly into their lives.
Moreover, it’s important to note that music is far more than a listening experience for Latinx consumers. In fact, 70 percent of Hispanics say they follow performers on social media sites, well above non-Hispanic whites. Of Latinx consumers who use YouTube, 88 percent go to the site to view music videos, while one in four share music video links with family and friends. For Hispanics, music represents an immersive, 360-degree engagement that forms a cultural touchstone in their social circles.
This strong support for music and musicians, plus the overall popularity of streaming, has boosted Latinx artists as never before. 2017’s phenomenal success of “Despacito” by Luis Fonsi and Daddy Yankee, and its remix featuring Justin Bieber, underscores this trend. The song was the year’s biggest in terms of sales and on-demand streaming. “Mi Gente,” by J. Balvin and Willy Williams with a Beyoncé remix collaboration, was another smash hit, selling 1.8 million copies via on-demand streaming and song sales. With the increased ability to reach universal audiences on digital access-for-all platforms, Latinx performers have now entered the mainstream consciousness.
For marketers and advertisers, music is clearly one of the most authentic and relevant paths to connect to Latinx consumers who, by the way, view brands that sponsor concerts and tours more favorably than others. Marketers should tune into music when designing strategies to develop meaningful relationships with Latinx consumers or risk losing the beat that drives this digitally savvy demographic.
••• travel and leisure
Bleisure is booming
More mixing business with pleasure
Domestic and international bleisure travel is booming and business travelers – those who extend their trip for leisure – are invested in making the most of their time away from home, according to a study by Expedia Group Media Solutions, the advertising arm of travel firm Expedia Group. The findings, from a multinational study conducted by Luth Research, spotlight the behaviors, influences, resources and preferences of American, British, Chinese, German and Indian bleisure travelers.
The study, Unpacking Bleisure Traveler Trends, shows that on average, across the five countries, bleisure travelers take more than six business trips per year and more than 60 percent of business trips during the last year were extended for leisure purposes. In the U.S., bleisure travel conversion is consistent with the multinational average of 60 percent, revealing a nearly 40 percent increase in American bleisure travel since 2016.
On average, 72 percent of bleisure travelers said there are destinations they have visited or will visit in the future for business that they would like to extend for bleisure.
What makes a destination appealing for bleisure travel? Fifty-six percent said they are more likely to consider a bleisure trip in a destination with great food and restaurants, closely followed by approximately 50 percent influenced by beaches, weather, nature, historical monuments or sightseeing. This further validates the importance of experiences and activities for all travelers and illustrates an opportunity for marketers to attract bleisure travelers from around the world.
“By showcasing unique experiences and activities, which are influential factors during the decision-making process, every destination, hotel, restaurant, attraction, airline and more can entice business travelers to extend their trip for leisure,” says Andrew van der Feltz, senior director, EMEA and APAC for Expedia Group Media Solutions.
Converting to bleisure. Business trips lasting two to three nights are most likely to result in bleisure trips (50 percent), as are trips where the business destination is far away or more than 400 miles from home (49 percent). Leading factors that influence bleisure travel decisions include traveling to a destination with great entertainment (48 percent) and visiting an iconic or bucket-list destination (43 percent); easy-to-navigate destinations, proximity to the weekend and additional personal costs required to extend the trip for leisure are also influential factors.
Bleisure research and booking resources. Approximately 80 percent of bleisure travelers spend one to five hours on research during both the inspiration and planning phases, which is more condensed than more traditional leisure booking windows. Before deciding to bleisure, 68 percent of travelers conduct research using a search engine, 47 percent use travel-related Web sites – including online travel agencies, airline and hotel sites and review sites – and 44 percent use destination Web sites. Most bleisure travelers personally research and book accommodations (61 percent), airfare (42 percent) and dining (38 percent) for the leisure portion of their trip.
Willingness to travel for bleisure. Two-thirds of past bleisure trips were in the same city as the business trip but more than 80 percent of bleisure travelers are willing to travel from the business destination for leisure. On domestic and international trips, more than 50 percent of bleisure travelers are willing to travel one to two hours via car from the business destination for the leisure portion of their trip and more than 28 percent would travel one to two hours via plane. When traveling domestically between the business and leisure destinations, 38 percent of bleisure travelers are unwilling to travel via bus and 25 percent are unwilling to travel via plane.
Bleisure budgets and payment preferences. Compared to a typical vacation, 57 percent of bleisure travelers spend the same amount of money or more on a bleisure trip and more than 75 percent save money specifically for bleisure travel. When on a bleisure trip, credit cards are the leading preferred payment method (69 percent), followed by cash (47 percent) and debit or ATM cards (44 percent). More than two-thirds of bleisure spend is allocated to hotel, airfare and dining for the leisure portion of the trip.
As for other takeaways for marketers:
Bleisure travel is booming: Sixty percent of business trips convert to bleisure and with travelers taking more than six business trips per year, on average, there’s a profound opportunity to reach and entice this valuable audience.
Bleisure knows no boundaries: There is nearly equal likelihood of bleisure travel for both domestic and international business trips and travelers are willing to travel away from the business destination for leisure.
Destination to-dos: With nearly 70 percent of business trips being for conferences, there is an opportunity for destinations to encourage extending for leisure by highlighting activities and experiences to drive repeat visitation.
Condensed path to purchase: Most bleisure travelers spend less time on research than they would on a leisure trip, so marketers have a shorter window to strategically target and influence behavior and purchases with call to action messaging.
In-market targeting: Bleisure travelers may not book everything in advance, highlighting opportunities for marketers to reach and convert travelers in-trip – especially for ancillary products like dining, tours and activities, entertainment and transportation.
••• financial services
Different journey, different views
Longevity, life roles impact women’s financial goals
A Merrill Lynch study finds that 70 percent of women believe that men and women have a fundamentally different life journey, reinforcing the need to better understand women’s financial concerns and opportunities. The study, Women and Financial Wellness: Beyond the Bottom Line, conducted in partnership with Age Wave, is based on a nationally representative sample of 3,707 respondents, including 2,638 women and 1,069 men.
“Women have come a long way both personally and professionally but when it comes to their finances, there is still a trail left to blaze,” says Lorna Sabbia, head of retirement and personal wealth solutions for Bank of America Merrill Lynch. “As women are at a tipping point to achieve greater financial empowerment and independence, it is even more essential that we support women in helping them pursue financial security for life. This includes encouraging women to invest more of their assets, save earlier for retirement, and pursue financial solutions that closely align to their personal values and life paths.”
Women look beyond the bottom line. While they definitely care about the performance of investments, women view money as a way to finance the lives they want. Seventy-seven percent say they see money in terms of what it can do for them and their families. Eighty-four percent say that understanding their finances is key to greater career flexibility. When it comes to investing, about two-thirds of women look to invest in causes that matter to them.
Superior longevity. Longevity needs to be a factor in everyone’s financial strategy but more so for women, who on average live five years longer than men (81 percent of centenarians are women). While 64 percent of women say they would like to live to 100, few feel financially prepared, with 44 percent of women stating they worry they will run out of money by age 80.
Confidence in all but investing. The study finds that women are confident in most financial tasks, such as paying bills (90 percent) and budgeting (84 percent) but when it comes to managing investments, their confidence drops significantly; only 52 percent of women say they are confident in managing investments, versus 68 percent of men. Millennial women were the least confident at 46 percent. Of women who do invest, their financial confidence soars; 77 percent of women who invest feel they will be able to accumulate enough money to support themselves for life.
A trail left to blaze. The study also finds how important understanding the gender wealth gap (as opposed to the wage gap) and wealth escalators are to women’s financial wellness. Women experience a gender wealth gap – the difference between men’s and women’s financial resources across their lifetimes, including earnings, investments, retirement savings and additional assets. This wealth gap can translate to a woman at retirement age having accumulated as much as $1,055,000 less than her male counterparts. Contributing factors include the lasting effects women experience when they take time away from the workforce to provide care, including for aging parents, their own spouses and their own children. One in three mothers who returned to the workforce after caring for children says she took on less-demanding work, which resulted in lower pay. Twenty-one percent say they were paid less for the same work they did previously. Also, the average woman is likely to have higher health costs than the average man in retirement – paying an additional $195,000 on average – due to living longer and having to rely on formal long-term care in later years.
“Women’s life journeys are not only different than men’s, they’re different than the life journeys of our mothers and grandmothers,” says Maddy Dychtwald, co-founder and senior vice president of Age Wave. “We have more opportunities and choices when it comes to family, education and careers but we’re so busy taking care of other people and other priorities, we often don’t take the time to invest in ourselves and our future financial wellness. If more women can actively take control of their financial future all along the way, it would benefit them, their families and our society overall.”