First identified as a trend in 2011, nostalgia marketing has positioned itself as a popular marketing technique, given its adaptability among different generations.
Remember the days of the iPod Shuffle and Planter's PB Crisps? Would you pay to see your childhood toys and snacks resurrected?
According to a study released Tuesday by Talker Research and UserTesting, two-thirds of Americans would pay more — 32%, on average — for their favorite childhood products to return to shelves, according
The study, which surveyed 2,000 U.S. adults, also found that more than half of surveyed adults (55%) feel retired products — like classic Atari, Sega and Nintendo gaming consoles, Crystal Pepsi, Banana Nesquik, Blackberry phones, iPods, Jolt and Surge sodas, and Bubblegum jeans —are more valuable to them than what the same or similar brands offer now.
But that nostalgia inspires more than wishful thinking. A good experience with a brand or a product impacts where people spend their money today, too.
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According to the study, more than half of surveyed adults (57%) said they're likely to buy second-hand products from their favorite brands. Eighty-one percent could name at least one brand they remain loyal to, such as companies that make food, clothing, footwear and technology.
“Brand loyalty is a powerful thing,” commented Bobby Meixner, senior director of industry solutions at UserTesting. “While nostalgia can spark preference, true loyalty is built on experience. A great experience keeps customers coming back—how a brand engages plays a critical role in long-term commitment.”
Those surveyed described three reasons they may remain loyal to a brand: the quality of the brand's products (59%), the experience one has with a company's products (58%) and how long one has used a brand's products (56%).
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For almost three-quarters of respondents (73%), the brand loyalty runs so deeply that they'd continue to purchase products from their favorite companies even if prices rise.
On average, those respondents said they would pay 25% more across all shopping categories for their favorite products.
“Price plays a role in loyalty but it’s surprising to see that many consumers don’t see it as the ‘be all, end all’,” Meixner said. “Value is more important than mere price for a lot of people. They’re willing to spend the money if what they buy can give them the value they want. That, and a good customer experience, are what really build up that loyalty.”
However, some respondents admitted they would be willing to try new brands if they felt the brand made a preferable product (43%), their first-choice brand went out of business (43%) or if the new brand or product was recommended by family or friends (37%).
