LFP #63: Why We Gotta Have It: The Behavioral Economics, Community and Social Identity of Concert Merch

In this episode we explore…The origins of concert merch and why we love (and need) to buy it. We dive into the history, behavior economics, community impact and social identity of buying merch at live shows.   Explored in the episode:  The origins, history and significance of rock and roll and its impact on art, design, and merchandise production including Elvis’ and Bill Graham's influence.  The concept of assigning a monetary value to unique experiences such as concerts and the merchandise associated with them.  The concept of social identity theory and how it applies to concert fans and communities. Behavioral economics and its application in marketing and business.  Why do some bands or individuals make more money from their merchandise after they pass away than they did when they were alive, as seen in the case of Elvis, the Beatles, Janice Joplin, and Jimi Hendrix. The impact of COVID-19 on the concert industry, focusing on the economic and emotional experiences of fans.  Maslow's hierarchy of needs and is attending concerts a luxury or a need?  Did the Covid-19 pandemic raise the economic and emotional demand for concert merch? The significance of wearing band merchandise and the connections it can foster among fans.  The importance of understanding the connection fans have with their favorite artists and how this can create a strong sense of belonging within a community. The concept of social identity theory and its role in shaping an individual's self-concept through their membership in social groups.  Does buying merch increase a sense of belonging?   The different levels of fan commitment and investment in merchandise. Are super fans important community builders who help spread the word and embody the brand?  The role of economics in the fan's identity cycle and the potential for bands to build communities and activate super fans through various strategies. Can you have concert merchandise addiction?  Info mentioned during the show:  Behavioral Economics Social Identity Theory  Social Identity Cycle  Concert Fan merch trends via www.atvenu.com Artist Mentioned:  Elvis Johnny Cash Slipknot Grateful Dead  Saul Williams