The IKEA effect?
What is that all about?
In some countries, or particularly in the west, IKEA is known as one of the cheapest options to buy furniture. This is not the case in the Middle East though.
And even though it’s known as one of the cheapest places to buy furniture, once you actually buy that piece of furniture, it’s very hard to let go of it.
It’s very hard to let go. You want to take it with you whenever and wherever you move. From one apartment to the next, you pack it and unpack it.
You do that because you have fallen for that IKEA piece of furniture. You have fallen for it even if it was so simple, even if it was so basic, even if all your friends have the same exact one, but perhaps in a different color.
You have fallen for it because IKEA made the best of what is called the “endowment effect”.Read More