Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix.
In this episode, we consider pent-up in the travel industry during COVID-19 in three research studies and their findings from Sandra Thomas-Comenole's recent white paper, "Are we experiencing pent-up demand in the travel industry?"
Pent-up demand is a build-up of demand for goods and services in an economy where consumers are unable or unwilling to make purchases to satisfy the demand at the present time. This generally occurs during times of economic uncertainty – such as a recession. In this episode, we considered pent-up demand in the travel industry during COVID-19.
