Listen to Interac’s hot new single to help with intentional spending

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…

-DEStech

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.

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.


Jim Love, Chief Content Officer, IT World Canada

Featured Download

Tom Li
Tom Li
Telecommunication and consumer hardware are Tom's main beats at IT World Canada. He loves to talk about Canada's network infrastructure, semiconductor products, and of course, anything hot and new in the consumer technology space. You'll also occasionally see his name appended to articles on cloud, security, and SaaS-related news. If you're ever up for a lengthy discussion about the nuances of each of the above sectors or have an upcoming product that people will love, feel free to drop him a line at [email protected]

Related Tech News

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.