In 2003 the Illinois state attorney general's office warned holiday shoppers to be cautious of retailers who encourage them to hold objects and imagine the objects as their own when shopping.

Authors Joann Peck (University of Wisconsin-Madison) and Suzanne B. Shu (UCLA) wondered whether the warning was valid and, more generally, if touch influences the feeling of ownership and valuation of an object.

Their conclusion?

"In our research, we have evidence that the warning from the attorney general is valid. In four studies, we find that merely touching an object increases the feelings of ownership a person has for the object. This, in turn, results in a person being willing to pay more for most objects that they touch versus objects that they cannot touch.  We also find that when touch is unavailable, such as shopping online, having people imagine owning a product increases their perception of ownership and how much they are willing to pay for a product."

The research may help explain the link between touch and impulse purchasing, the authors explain. "Encouraging touch in a retail store, as Apple does for products like the iPhone, may increase the feelings of perceived ownership and influence the amount a customer is willing to pay for a product." Likewise, offers of "free trials" for a certain time before the consumer is obligated to pay are likely to increase perceived ownership and product valuation.

So, if you're struggling to pay all your bills... it would be wise to keep a "hands off" attitude when going through stores.  (How often have you been tempted in the store by those people with the samples of food?  How about at the car dealership, after you've sat in the vehicle?)  Keep your distance and you'll undoubtedly spend less, and come home with less - saving your money for bills for things you bought on impulse.  Use this knowledge to your financial advantage!

On the other hand, if you've got something to sell - like a home - one of the best things you can do is give your prospective buyers something nice to experience.  Engage their senses... all of them, if possible!  You too can use this knowledge to your financial advantage.