Apple Pay day
Mobile apps such as Apple Pay not only streamline your shopping but ease the pain of paying, making it much easier to spend more, according to Joe Pinsker, writing in The Atlantic. The story suggests that the smoother the purchasing process, the less thinking is involved – especially if the app is linked to a credit card. In contrast, handing over cash can “hurt”. We can expect even more payment automation in future, Pinsker adds.
Another little gem
Diamonds are costly partly because they’re desirable and rare – and we value them even more because they are expensive. This pricing bias is explained by economist Tim Harford in his blog. He notes that people tend to assume a costly item must be better quality, a thinking trap which can increase demand for the item and therefore keep prices high.
Food for thought
You may be more easily enticed into spending more when a group of other people are shown doing the same, an outdoor advertising agency has shown. A report says that posters that encouraged people to buy lunch earlier, showing just one woman eating, attracted 25% more people into a nearby food court in the morning. But 75% more came in when a group of people was depicted eating instead.