Home >

"Non Material Demand" Becomes The Overlapping Driving Force Of Luxury Goods And NFT

2023/8/11 17:11:00 0

Beyond Reason, a neuromarketing consulting company, pointed out in the latest research that highlighting "self-identity and identity symbols" has become the overlapping non-material needs of consumers when purchasing luxury goods and NFT. Research shows that material demand only accounts for about 10% of the cost-benefit equation of luxury goods such as high-end watches.

Olivier Tjon, co-founder of Beyond Reason, said, "When buying NFT, most people have no clear material goals. Therefore, we very much agree that NFT is a part of the luxury business."

NFT, the full name of Non fungible Token, refers to non homogenous token. It is a trusted digital equity certificate with unique characteristics in the blockchain network. It is a data object that can record and process multidimensional and complex attributes on the blockchain. In short, it is "different from others". In December 2021, NFT was selected as the first hot word in Collins Dictionary in 2021.

Olivier Tjon pointed out in his research that in most cases, consumers' purchase of NFT artworks is to maintain their own "superiority", highlight their own excellence and foresight, and become an example in the emerging digital field.

To some extent, the same is true for consumers who buy physical works of contemporary art. They hope to impress others in their social sphere or cultural and artistic fields and have more voice. Especially in the emerging "Web3" world, more and more buyers have fully demonstrated their identity and status by purchasing NFT artworks, becoming the core force leading the digital trend.

In order to better understand many factors in consumers' purchase decisions, Beyond Reason cooperates with neuroscientists to identify non-material factors in purchase decisions that are "below the threshold of conscious thinking". Olivier Tjon calls it "the gray zone of marketing and commerce", and intends to reveal many driving factors behind brain activities.

When brands understand the brain neural activities that drive purchase decisions, they have stronger influence, even "control".

"The purchase behavior affected by brain activity is essentially the dominance of subconscious decision-making, or the balance of implicit cost-benefit, rather than conscious deliberation", Olivier Tjon emphasized that he took BMW as an example, pointing out that the enterprise changed the slogan from "driving fun" to "being a person who dares to try" by highlighting its landmark air intake grille, It directly affects its sales volume by emphasizing non-material hints such as "boldness, decisiveness and self-confidence".

Olivier Tjon pointed out the non-material motives of consumers who bought Rolex "Daytona" watches, including social status, individual importance, etc., and the same is true of the attraction of Hermes "Kelly" handbags.

Olivier Tjon said, "Today, more and more consumers' consumption motivations are not limited to practical needs, but more about deep satisfaction. Whether it is watches, bags, works of art, or NFT, the non-material needs behind many products will also increasingly overlap."