The campaign which was originally run in September has come to the forefront once more as massive sales, and Christmas purchases drive online and high street sales.
In response to events like Black Friday and Cyber Monday Claro has launched an online tool to help consumers see how many working hours they would need to work in order to pay for their large purchases.
Claro has made the tool available as a new Chrome Plug-in/extension which works on retail websites such as Amazon, eBay, ASOS, and IKEA.
The DOOH signage was used throughout London using digital billboard vans and large screens displaying impactful statistics about customer spending.
Claro conducted its own research which was also published in its Mental Health Project, a collaboration with Mental Health UK and The Money Charity. Statistics included 41% of adults have lived beyond their means at some point in the last 12 months, as well as 20% of households couldn’t last a month if they lost their main source of income.
While Black Friday is a fantastic way for shoppers to save money on the items they had already planned to purchase, it can also often encourage unnecessary or impulse spending.”
Rachel Harte, head of financial planning at Claro Money, notes: “While Black Friday is a fantastic way for shoppers to save money on the items they had already planned to purchase, it can also often encourage unnecessary or impulse spending.”
Harte adds: “With the rise of one-click purchasing options and seamless PayPal or Apple Pay integration on many e-commerce retailers, shoppers often don’t have to think about the consequences or ramifications of spending money and can focus on the instant gratification of it instead.”
The billboard campaign was aimed at companies such as Klarna, ClearPay, and LayBuy with Claro’s advertising van visiting locations such as Oxford Street, and the offices of previously mentioned finance companies, and their partners ASOS and Boohoo.
The advertising campaign demonstrates the power signage can have
when spreading important information about spending habits
Dr Mark Fenton-O'Creevy, Professor of Organisational Behaviour at Open University Business School, says: “It seems likely that in many cases, BNPL firms are profiting from offering low or interest-free credit headline offers carefully targeted at specific consumers not just by generating increased sales for retailers but also through penalty interest rates and additional charges.
“If consumers predominantly used the headline advertised interest free options the BNPL would most likely not generate comparable profits, and this demonstrates the commercial reliance on exploiting known psychological traits of targeted sections of our society.”
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