📼 Unlocking the Power of Nostalgia, Market Recovery, Founder Side Hustles, Funding, and More
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It's interesting how companies are using nostalgia to connect with different communities and make money. I recently watched the Super Mario Brothers movie with Josh, and it brought back childhood memories and made us feel happy. Then, I went down the nostalgia market rabbit hole, and here’s the TLDR: (1) As consumers, we should know that companies want us to feel good, so we buy more from them; and (2) as founders, we should remember how powerful nostalgia marketing can be with Gen Z and Millennial communities.
Millennials and Gen Zers are lucrative communities to cater to because of their spending power. Millennials spend around $2.5 trillion, while Gen Zs, which make up 40% of the global population, spend up to $360 billion. Studies show that nostalgic marketing can increase brand loyalty by up to 36%, and nostalgic ads are four times more likely to increase purchase intent than non-nostalgic ads. Plus, 73% of consumers say they enjoy things that remind them of their past. So, yeah, companies are leaning into the power of nostalgia.
Companies are incorporating nostalgia marketing into their overall marketing strategies by using retro designs and packaging to appeal to consumers' sense of nostalgia. Pop culture references from the past are being incorporated into marketing campaigns, while brands are reintroducing old products or creating new ones with a retro twist. Examples of nostalgic marketing at play include the Google logo, Sony Walkman (it’s back!), the Coca-Cola contour-shaped bottle design, Adidas Gazelles shoes, Netflix’s Stranger Things redo, Instagram's retro filters, the return of multi-color interior home design, and the Barbie and the Judy Blume’s Are You There God? It's Me, Margaret movies.
Up next, I plan to buy an Icee and go watch the Are You There God? It's Me, Margaret movie (I loved the 1970s book as a teenager!), and I expect the UX design of companies and products to continue to lean on nostalgia. After all, the global nostalgia market has an estimated compound annual growth rate of 10.2%, and the market is expected to reach $12.3 trillion by 2026. Will you be consuming or tapping into the power of nostalgia for your business?
PS Scientific studies show that nostalgia can help with mental well-being and counteract loneliness and anxiety.
​​​​​​​​​✨ Lolita Taub, GP at Ganas Ventures | twitter | lumaÂ
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This post was originally posted on April 30, 2023 on lu.ma by Lolita Taub.