Category: Purchase Decisions

Teach The Triangle: Making Purchase Decisions

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Jan 21, 2020
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Purchase Decisions, Chart of the Week, Behavioral Finance
Hat tip to Erica Pavlik of Neuqua Valley High School who reached out and suggested we curate resources to help "Teach the Triangle," an instructional idea created by her principal, Lance Fuhrer. Here's how she explained this concept:  "It is like your data crunch but taken a step farther. It collects three types of data (image, article & graph) on a similar topic and ask students one question: What can you infer from this?" We thought we would give it a go. Here are three resources...

QoD: Every 12 months that a car loan is extended costs an owner about __________ in extra finance charges.

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Jan 06, 2020
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Purchase Decisions, Question of the Day, Compound Interest
Answer: $1,000 Questions: Which would you prefer: a 4 year car loan with $400/monthly payment or a 6 year loan with $300/monthly payment? Why?   Why do you think that most car buyers focus on the monthly payment instead of the overall interest cost when they take out an auto loan?  Complete these sentences: The longer the term of an auto loan, the higher/lower (circle one) the interest cost (assuming it's not a 0% APR loan). The longer/shorter (circle one) the term of an auto...

Interactive Monday: Streaming Services

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Jan 05, 2020
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Interactive, Budgeting, Purchase Decisions, Activities
Hat tip to Kareem for uncovering this CNN interactive to assist those overwhelmed by choice when it comes to streaming services.  The interactive starts with a helpful flow chart showing where fave series like Friends, Parks and Rec and Seinfeld are moving to.  It then lists 8 of the leading streaming services (e.g., HBO Max, Netflix, Apple TV+) with details on what to expect from the service as well as popular movies/shows that will appear. Here's the details on Disney+:  A few...

Question of the Day: _____ out of 3 Americans are limiting their spending each month

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Dec 15, 2019
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Behavioral Finance, Question of the Day, Budgeting, Podcasts, Purchase Decisions
 Answer: 2 out of 3 (66%) Here are the reasons they gave for limiting spending: Questions: Have you ever felt like you needed to limit your spending? Why? What do you think are the main reasons your peers would give for following a budget or limiting their spending? What do you think is a better saving strategy? Wait until the end of the month and save what’s left over Set aside your saving at the beginning of the month and spend whatever is left over after saving Do you...

QoD: Can you name three of the most popular items on wish lists this holiday season?

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Dec 04, 2019
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Question of the Day, Budgeting, Purchase Decisions, Behavioral Finance
Answer: Other fun facts:  Average consumer expects to spend $1,048 82% of 18-24 year olds plan to purchase for friends 56% of shoppers say they will shop online -------- Questions: What are the top items on your wish list?  Have you created a budget for your holiday spending? Why do you think it's so difficult for people to keep to their holiday budgets?  What is the best gift under $20 that you have ever received? that you have ever given? What types of gifts do you think...

QoD: Match the percent with the correct statistic from a recent survey of store credit cardholders: 20%, 40%.

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Dec 02, 2019
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Behavioral Finance, Question of the Day, Budgeting, Parent Conversations, Purchase Decisions
_______ of consumers with retail (store) charge card regret their decision to apply for this card. This may be explained by the fact that ___________ still have not paid back their charges from the 2018 holiday season.  Questions: Have you (or someone you know) ever been asked when shopping at a store whether you wanted to open a store credit card?  How does the cashier try and encourage the shopper to sign up?  Why do you think so many cardholders regret their decision to apply...

QoD: What percent of reviews posted on popular e-commerce sites are fake?

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Dec 01, 2019
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Question of the Day, Behavioral Finance, Budgeting, Purchase Decisions
Just in time for the busy online shopping days ahead... Answer: About 1/3 (33%) Questions: How much do you rely on online reviews before purchasing an item?  Have you ever noticed a fake review while shopping online? What made you think it was fake? Do you think that online reviews impact whether people purchase an item or not? Explain.  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Quartz): Review tracking...

QoD: When do consumers do more online shopping: Black Friday or Cyber Monday?

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Nov 26, 2019
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Question of the Day, Budgeting, Purchase Decisions
Answer: Cyber Monday Questions: Which generation is most likely to look for bargains on Cyber Monday? Why do you think this generation is more likely to look for bargains on that day? Do you plan to do any shopping on either Black Friday or Cyber Monday? Do you have a budget for holiday gifts this year? Why or why not?  Why do you think that so many people shop on these two days? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom....

QoD: What one-word search term on Google sees annual spikes in November?

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Nov 18, 2019
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Question of the Day, Purchase Decisions
Answer: Friendsgiving Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (the Atlantic): In the past five or so years, hosting a Thanksgiving meal among friends a week before the actual holiday has become a standard part of the celebration for many young adults. -------------------- Here's an NGPF project that engages students in Planning A Friendsgiving Dinner. ...

QoD: How many years has the typical American homeowner been in their current home?

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Nov 06, 2019
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Economics, Question of the Day, Budgeting, Purchase Decisions, Research, Mortgages
This is a good one for Economics class as it's a demonstration of supply/demand factors in the housing market. Given that the trend has been for homeowners to stay in their houses for longer periods of time, the supply of houses for sale (inventory) goes down and if new construction doesn't close that supply gap then there's a supply/demand imbalance. You can guess what happens next.  Answer: 13 years Here's a chart showing the regions where homeowners have been in their homes the longest,...

QoD: Which brands do Gen-Zers prefer: a) Coke or Pepsi b) Snapchat or Instagram c) Starbucks or Dunkin Donuts?

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Nov 05, 2019
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Question of the Day, Purchase Decisions
Answer: a) Coke (63%) vs. Pepsi (37%) b) Instagram (59%) vs. Snapchat (41%) c) Starbucks (61%) vs. Dunkin Donuts (39%) Questions: What influences brand choices? Take ONE of the three brand pairs and describe why you use that brand.  Looking at the brand pairs above, do you typically use just one brand or both? Explain. Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (State of Gen Z Snackers): Make way for the newest...

QoD: Which Halloween item do consumers spend the most on: Decorations, Candy or Costumes?

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Oct 30, 2019
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Question of the Day, Budgeting, Purchase Decisions
Answer: Note: Figures above represent amount spent per person.  Questions: What did you/your family spend the most on this year? How much did you/your family spend on all Halloween items? [Average spend this year was $86.27]  What role did social media have on your Halloween spending this year (e.g., did you find costume ideas on Instagram?) Explain.  Would it surprise you to learn that Halloween is the second most popular holiday in terms of consumer spending? Why do you think...

Chart of the Week: Social Media and Halloween Spending

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Oct 29, 2019
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Chart of the Week, Purchase Decisions, Behavioral Finance
Courtesy of National Retail Federation: Questions: Write a one sentence summary for this chart. Finish this sentence: Since 2015, social media has had a ________________ impact on Halloween purchases.  Which social media platform has seen the largest increase since 2015? Do you think this will continue?  The data in the chart came from surveying adults. Complete a chart like this for 2019 based on responses from classmates.  How did social media influence any purchases you may...

QoD: Where do teens consume the most video: Cable, YouTube or Netflix?

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Oct 23, 2019
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Question of the Day, Purchase Decisions, Budgeting
Answer: YouTube Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Questions: Where do you go most frequently? Why? Five years ago, what would your answer have been?  Compare these services from a cost perspective. Which is most costly? Least costly? Have you heard about any of the new streaming services? Do you think any of them will be in the top five next year? Explain.  Behind the numbers (Piper Jaffray Teen Survey) 37% of teens prefer...

QoD: Rank order these snacks from most to least popular for Gen Zs: Goldfish, Cheez-It, Lays

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Oct 15, 2019
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Question of the Day, Budgeting, Purchase Decisions
Answer:  Questions: How much do you think you spend on snacks in a typical month?  For those of you who buy snacks pretty regularly, think about the details of these purchases (time of day, day of week, location). Is there a pattern to these purchases?  What makes each of these snacks so popular?  What is one idea you have on how to save money on snacks like these?  Click here for the ready-to-go slides for this Question of the Day that you can use in your...