For 23 years The Economist has published a lengthy collection of predictions for each coming year. This year, The Economist’s The World in 2009 includes the explosion of scent marketing amongst its business-related predictions. Harrod’s is mentioned as the biggest British example of scent in retail, and it’s predicted that at least one large supermaket, several malls and one fast food chain will follow Harrods’ lead. The prediction certainly has a solid foundation. Harrods has led the way before: they introduced the world’s first escalator in 1998. And, according to the Economist, smell is the new frontier. For one, they point out that if you “get the smell right, you can bypass rational thought,” prompting customers to want and to buy without needing a reason. Additionally, in these times when online shopping has seized so much revenue from storefronts, retailers need to engage customers in ways they can’t experience via the internet.
Read more in The Economist
