The Economics of Everyday Things Greeting Cards (Replay)
Dec 2, 2024
Greeting cards are making a comeback, especially as millennials redefine the sentiments they want to express. The episode dives into how different generations, from baby boomers to millennials, have influenced this industry. It discusses the creative tension between large companies like Hallmark using data-driven strategies and smaller businesses following their gut instincts. The emotional connection buyers have to cards is explored, revealing how design trends and personalized touches play a crucial role in purchasing decisions.
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Millennials Save Greeting Cards
- Millennials, despite prior trends, are now the biggest spenders on greeting cards.
- This revitalized a declining industry, surprising many.
Card-Worthy Friends
- Millennials see greeting cards as more personal and prefer unique, higher-quality options.
- They often frequent smaller stores offering diverse selections for their "card-worthy" friends.
Card Design Approaches
- Smaller card companies rely on intuition, creating fewer designs annually.
- Hallmark uses data, focus groups, and large writing teams to create thousands of diverse cards each year.