With inflation and rising interest rates increasing financial anxiety among Canadians, debit network Interac has come up with a novel way to soothe shoppers, releasing a music track designed to promote mindful spending.
Canadians are feeling financially squeezed, with nearly nine in 10 finding their money isn’t going as far today as it used to, according to an Interac survey.
With inflation and rising interest rates adding to the pressures on households, the research shows that two thirds of Canadians are practicing ‘intentional spending,’ the action of making purposeful purchasing decisions that live up to their financial goals and personal values.
Today, 67% are carefully planning their purchases, and over half say they are less likely to spend on impulse now than they were before the pandemic.
With six in 10 shoppers wanting tools that encourage intentional spending, Interac has unveiled Sound Shopping, a track that "provides a balanced backdrop to the shopping experience, intended to promote mindful spending at a time of financial anxiety".
The firm carried out a research study whereby half of the participants listened to Sound Shopping, while a control group listened to the pop music that is typically played in stores. The participants observed that the Sound Shopping track made them feel calmer than those who listened to popular music and was associated with a 98% purchase satisfaction rate.
William Keliehor, chief commercial officer, Interac, says: "Music has traditionally been used to fuel purchase behaviours in retail, and we wanted to experiment with the ways it could positively impact and help add mindfulness to the shopping experience."