Looks matter – even when it comes to money.
A new study co-authored by a University of Guelph professor has found that currency's physical appearance dramatically affects consumer behaviour.
People are more likely to spend dirty, crumpled currency and hold on to new bills, according to the study forthcoming in the Journal of Consumer Research and available online now.
But in social situations – and especially when they're looking to impress someone else -- people reach for new bills even when they have older, higher-denomination currency on hand.