The Rx for wealthy consumers in difficult economic times? Ignore those pangs of guilt, wastefulness and irresponsibility. Go ahead and indulge.
It's no joke, said Anat Heinan, an assistant professor of business administration at Harvard University, who has discovered that though even the rich experience a sense of guilt after making some pricy purchases, passing up indulgences can be worse. Too much self-control stirs more lasting feelings of discontent — disappointment over what might have been missed.
"Guilt is intense right after we buy a gorgeous, expensive dress or a piece of gourmet chocolate cake," Heinan, author with Ran Kivetz, of "When Virtue Is a Vice," published in the July-August 2008 Harvard Business Review, said in an interview.
Although feelings of guilt over indulgences are deeply rooted in the country's Protestant work ethic, practical sensibilities and historic tendency to save, they tend to be short lived, Heinan noted. "Over time, those who had indulged felt less and less guilty about their choices," she and Kivetz wrote, "whereas those who had been dutiful experienced a growing sense of having missed out on the pleasures of life."
One way marketers could counteract "excessive farsightedness," Heinan said, is by playing to people's disposition to value memories. Campaigns that have tried to do so include those for the MGM Grand in Las Vegas ("Resist the temptation to resist the temptation"), the Jersey Shore ("Build tomorrow's memories") and "The Lion King" ("See it now, remember it forever"). The Northern Trust financial services firm has gotten into the act as well, advertising its wealth experts as it encourages customers to lead a well-balanced life. It illustrates the idea with a contentment index weighted more heavily toward memories than investments.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews