I found this episode incredibly interesting to find out how people value money, and how they actually look at it.
Nigel Latta looked at a couple of case studies around people that spend money and become in debt, and their struggles to then get out of it. I found it surprising that collectively, the debt of New Zealander's adds to over $6.3 billion.
Once again, there were some cool experiments conducted for research. It appeared that when saving money on a product or item, our minds think of the percentage we are saving rather than the actual price. People would gladly save $5 on a coffee if it meant walking 50 metres down the road, although when it comes to buying a car for $18000, the idea getting it for $17995 just down the road doesn't really appeal to us. At the end of the day, they're both $5.
My favourite part of the episode was when Nigel Latta got out his team 'NUDGE', and went undercover to stop Courtney impulse buying in Countdown. His team were placed throughout the store at points where Courtney would impulse buy, cakes, chocolate, chips etc. Each one of them would need to stop her buying the product.
They used excuses such as
• "We aren't selling these they're past their expiry date"
• "Sorry we've just had broken glass smash so it's a health hazard, we can't sell these chips"
• "Sorry the donuts aren't scanning, the barcode doesn't work"
It was intriguing to see how frustrated Courtney was getting during each stage, and once the barcode hadn't scanned, she even ran back to the bakery section to grab some more to try it again. It proved just how strong of an impulse she has when it comes to buying these unnecessary desirables.
- Blake
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