Behavioural economics (BE) has moved on from being a lab-based academic exercise to having a real world impact, according to authors cited in the most widely-read article on Warc on this subject during the past year.
The End of the Beginning: Behavioural economics has entered a new era of application highlighted the work of governments, which have seen success in areas ranging from tax and debt collection to energy savings.
Brands such as Allianz, Unilever, Barclays and Diageo are also applying BE insights across a range of areas.
Celebrity power and its influence on global consumer behaviour looked at the different ways in which celebrities can affect consumer behaviour.
Globally, younger consumers and Chinese consumers are most likely to say they look up to celebrities, while in Brazil, musicians have most influence, and Indian consumers are the most prepared to pay a premium for a celebrity-endorsed product.
The third most-read BE article was The social mum: Mapping the behaviour of mums online. This noted that mothers are increasingly well connected, using their digital networks to seek advice and recommendations on brands.
To make the most of this, the article advised, brands should approach mothers more holistically, recognising the broader set of values and multiple identities that inform their decision making.
Next up was a summary of a Euromonitor briefing. Eco Worriers: Global Green Behaviour and Market Impact - Executive Briefing described changing attitudes towards the environment and how attitudes towards green issues impact on brands.
Finally, the fifth most-read BE article was an academic piece related to social media. What Motivates Consumers to Re-Tweet Brand Content? The Impact of Information, Emotion, and Traceability on Pass-Along Behavior outlined how emotional cues did not influence re-tweeting on their own but did reinforce the effects of informational cues and traceability cues (hashtags) when combined in the same message.
Data sourced from Warc