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Yonsei News

[YONSEI NEWS] Mystery of Consumer Sentiment Index Unraveled

연세대학교 홍보팀 / news@yonsei.ac.kr
2012-09-17

Professor Hwang Sang-min of Psychology Publishes The President and Louis Vuitton Why do people buy the lottery knowing that they are unlikely to win? Why do people buy things after seeing signs that scream “Last Day Sale” and “Free Gifts” when actually they had no intention of getting those things? Professor Hwang Sang-min of Psychology at Yonsei University gave answers to some of these questions about such irrational behaviors in his newly published book, The President and Louis Vuitton. In the book, he discusses Korean society and the workings of the mind of Korean consumers. Moreover, he views the act of buying as an action more than simply an exchange of money for goods. He claims that “elections” and “communication,” that have no monetary involvement, are also a form of consumption. According to Professor Hwang, elections highlight to the extreme the psychology of consumer sentiment and consumption. He says that it is not different from the act of choosing the most appealing product that is on the market. Although the National Election Committee might argue that selecting the president of our country is of utmost importance, Hwang disagrees when it comes down to the act itself. Deciding which candidate to vote for in the presidential election may hold less significance for an individual than deciding which wallet to buy at a department store. To an individual – Hwang points out – both are a question of “choice.”