This weather making you want to … shop?
Us to. We get all hot and bothered thinking about a good discount.
UC Riverside associate professor of marketing Jorge Silva-Risso says in a recent study that the heat definitely has its effect on the way consumers behave:
A 20-degree bump in temperature can equal an 8-percent-plus increase in sales of convertibles, he says.
The same rise in temps can also mean a 2.1 percent decline in the sales of black vehicles.
A house with a swimming pool makes the property more valuable, by an average $1,600 … but only in summer, Silva-Risso says.
His team of researchers looked at 40 million new and used vehicle transactions and more than 4 million single-family home sales in recent years. The study, called “Projection Bias in the Car and Housing Markets,” is being published by the National Bureau of Economic Research.
People often talk about impulse buying. Our research shows it is real. Our research also shows that under certain conditions consumers would do best to avoid that impulse.
The lesson here? If you really want that convertible or home with a pool, wait till it cools off. You'll get a deal.