New new new! We love new!

Ever wondered why we feel compelled to buy new stuff? Jie and Li found that “consumers exhibit mere newness preference across many product domains—preferring chronologically newer options over older options with no substantive benefits to newness. . . . consumers are willing to pay a newness premium even for mere newness. . . . Marketers can leverage mere newness preferences by using chronological cues to signal newness. In retail settings, stores can generate incidental newness cues with ‘Product of the…

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