Interesting research from the American Marketing Association on perception of time and corresponding behavioral implications among consumers:
"Across seven experiments and a large field dataset, the authors find that time periods feel longer when they span more time categories, as consumers categorize time according to salient (natural) boundaries. For example, time periods like 1:45 pm–2:15 pm and March 31–April 6 (“boundary-expanded”) feel longer than 1:15 pm–1:45 pm and April 2–April 8 (“boundary-compressed”). This effect has important consequences on consumer decisions. For example, consumers prefer to schedule pleasant activities for boundary-expanded periods and unpleasant activities for boundary-compressed periods. They are even willing to pay more to avoid a long wait when it is presented as a boundary-expanded period rather than a boundary-compressed period.”
What are the takeaways from this?
"These findings provide significant insights for marketers. For instance, companies should try, if possible, to present negative events (e.g., waiting times) in boundary-compressed form and positive events (e.g., theater shows) in expanded form to improve consumer satisfaction.”