With inflation and rising interest rates increasing financial anxiety among Canadians, debit network Interac has come up with a new way to put shoppers at ease by playing a music track designed to encourage smart spending.
Canadians are feeling financially squeezed, with almost nine in 10 finding their money doesn’t go as far today as it used to, according to an Interac survey.
With inflation and rising interest rates adding to the pressure on households, research shows that two-thirds of Canadians are practicing “intentional spending,” the act of making purposeful purchase decisions that align with their financial goals and personal values.
Today, 67% carefully plan their purchases and over half say they are less likely to spend impulsively now than before the pandemic.
With six in 10 shoppers wanting tools that encourage intentional spending, Interac introduced Sound Shopping, a song that “provides a balanced shopping backdrop designed to encourage mindful spending in times of financial anxiety.”
The firm conducted a study in which half of the participants listened to Sound Shopping, while a control group listened to the pop music usually played in stores. Participants noted that the Sound Shopping track made them feel more relaxed than those listening to popular music and was associated with a 98% purchase satisfaction rate.
William Kellihor, chief commercial officer of Interac, said: “Music has traditionally been used to drive purchase behavior in retail and we wanted to experiment with the ways in which it can positively influence and help add attention to shopping .”
https://www.finextra.com/newsarticle/41021/interac-bids-to-promote-mindful-shopping-with-sound-shopping-music-track?utm_medium=rssfinextra&utm_source=finextrafeed
