To encourage mindful spending this holiday season, interbank network Interac has released a playlist of soothing melodies, tuned to promote “intentional spending.”
A new study commissioned by Interac found that more than two-thirds of Canadians are resisting shopping temptations. As the holiday sale season approaches, 55 per cent of Canadians say they’re less likely to impulse buy than before the pandemic.
For many Canadians, this doesn’t appear to be a matter of choice. The Interac study found that 86 per cent of shoppers feel their money isn’t buying nearly as much as it used to. With the high inflation and interest rates flanking stagnant wages, Canadians are far more prudent with their budgets than in previous years.
Consequently, the Interac study showed that 62 per cent of shoppers want tools to encourage intentional spending. Responding to this apparent interest, Interac wants to send a loud message to “promote mindful spending at a time of financial anxiety.”
“Research validated our belief that Canadians were looking for support in maintaining the intentional spending behaviours that were established over the course of the pandemic,” said Nader Henin, assistant vice president of Digital and Retail Commerce Products at Interac, in the news release. “The release of Sound Shopping follows a period of both rising retail transactions and Interac Debit use, highlighting the need now, more than ever, for Canadians to feel in control of their spending.”
Interac got the idea for the playlist based on a 2017 study by the DEStech Transactions on Economics, Business and Management, which concluded that consumers are more likely to buy on impulse when the background music rhythm is faster.
Background music, coordinating with other factors, has such effects like reducing consumers’ time perception of purchase and waiting, affecting consumers’ perception of the entire environment, increasing sales, influencing consumers’ impulsive buying tendency…
Interac has its own stats on how music improves the shopping experience. According to Sound Shopping’s website, 98 per cent of consumers were satisfied with their purchases when shopping while listening. Moreover, they’re three times more likely to feel calmer while shopping.
The single 24-minute track is available on Spotify. Interac recommends consumers play it the next time they’re in a mall.