People usually don’t want to lose a new item they own and want to keep it forever.
In an experiment conducted by behavioral economist Daniel Kahneman and colleagues, a group of students were selected to own a cup with the university emblem.
Then, students were asked how much they would pay for the cup. Students who didn’t get the cup were willing to pay USD 2.87 on average, while students who got the cup were willing to pay USD 7.12 on average.
Even though one may have only owned an item for a short time, one might still feel reluctant to return the item, which explains why some students were willing to pay a higher price.
In the market, to get the customers hooked on the product has always been the key. Once you have discovered customers’ preferences, you must grasp this information and make use of it. It will benefit the company’s development in the long run.