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Research confirms what you may already know to be true.
People are more likely to spend refunded money.
Letâs say you return a $100 jacket. According to Yu, Cryder and LeBoeuf (2024)Â you are more likely to spend that $100 refund on a discretionary purchase than if youâd received the same amount as either income, an unexpected windfall or even a tax refund.
Thatâs because the money has already been designated as âspentâ.
It feels like free money because it comes without obligation - you ...
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