SYSK TRENDING - The Power of Scarcity

Summary

Podcast Summary: Something You Should Know — SYSK Trending: The Power of Scarcity

Host: Mike Carruthers
Guest: Dr. Mindy Weinstein, Marketing Expert
Release Date: June 23, 2026

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Episode Overview

This episode delves into the psychological power of scarcity and how it influences our decisions as consumers. Host Mike Carruthers interviews Dr. Mindy Weinstein, a marketing instructor and author of The Power of Scarcity, to unpack the different forms of scarcity, why they’re so persuasive, and how we can resist manipulative tactics. The discussion offers actionable advice for both understanding and navigating our scarcity-driven impulses.

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Key Discussion Points & Insights

1. What Is Scarcity and Why Does It Matter?

(04:08–05:02)

• Definition: “Scarcity is some type of unavailability. And when you think about it, it's just a restriction of some type. It could even just be something that's hard to get.” (Mindy Weinstein, 04:16)
• Scarcity cues — such as “only two left in stock” or “sale ends Monday” — trigger our decision-making insticts.
• Despite suspecting these tactics might be exaggerated, scarcity still compels us to act.

2. The Four Types of Scarcity

(05:02–07:01) Mindy breaks scarcity down into four main types, each affecting us differently:

• Demand-related: Driven by popularity (e.g., bestsellers, waitlists, popular restaurants).
• Supply-related: Deliberately limited (e.g., exclusive product drops, natural shortages like PlayStation 5).
• Time-related: Deadline-driven (e.g., flash sales, countdown timers).
• Limited edition: Unique versions, often via packaging or slight modifications (subtype of supply-related, but catering to exclusivity).
• “All of those areas...have different effects on us.” (Mindy Weinstein, 05:24)

3. The Psychology Behind Scarcity’s Influence

(07:01–09:52)

• Human brains are hardwired to respond to scarcity—a survival mechanism from when resources truly were limited.
• Scarcity increases perceived value; we process scarce options more actively and are prone to shortcut the usual rational decision process.
• “Our brains kick into high gear...I'm going to value that higher.” (Mindy Weinstein, 08:02)
• In situations like auctions or when seeing only one item left, we may bypass rational thinking entirely.

4. Can We Resist Scarcity Tactics?

(09:52–12:24)

• Self-Awareness Is Key: Even experts fall for scarcity cues; knowledge isn’t total immunity.
• Mindy advises consumers to pause before acting, asking themselves why they want to buy and if it’s a genuine need or a fleeting fear of missing out.
• “Pausing is the best thing…I have to remind myself of that.” (Mindy Weinstein, 10:37)
• Research suggests the fear of loss diminishes quickly if you wait.

5. Scarcity and Social Phenomena

(14:28–16:38)

• Eagerness for “first” experiences (movie premieres, product launches) stems from a desire for uniqueness and social distinction.
• “Being one of those first movers...sets you apart.” (Mindy Weinstein, 15:00)
• Scarcity appeals are deeply intertwined with FOMO (fear of missing out).

6. Real-World Examples of Scarcity Marketing

(16:38–22:03)

• McRib’s Farewell Tours: Repeatedly leveraging artificial scarcity to create hype and drive urgency—people responded despite knowing the product’s cyclical return.
  • “I actually even saw someone was selling a McRib sandwich on eBay for $5,000.” (Mindy Weinstein, 16:38)
• Black Friday: Deliberate supply restrictions, intense excitement, and sense of urgency.
• Stanley Quencher 40oz Tumbler: Natural scarcity, not a marketing ploy, but demand led to social media frenzy and reselling, proving scarcity’s pervasive power.
• Scarcity isn’t always an artificial tactic; supply chain issues and organic trends can generate genuine scarcity.

7. When Is Scarcity Real vs. Manufactured?

(22:03–24:50)

• Both organic and intentional scarcity are widespread.
• Time-limited sales and “four seats left” on airlines are often legitimate.
• However, skepticism is warranted, especially if the brand is unfamiliar—research helps distinguish honesty from manipulation.

8. Scarcity as a Primal Instinct

(24:50–25:26)

• Scarcity’s persuasive force is primal and often bypasses rational thought.
• Mindy encourages listeners to remain aware of their reactions to scarcity cues and to use conscious pausing as a strategy.

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Notable Quotes & Memorable Moments

• “Scarcity is the one that is so innate in us and so strong.”
  — Mindy Weinstein (08:02)
• “Pausing is the best thing. I think that's the big takeaway here when it comes to scarcity.”
  — Mike Carruthers (12:24)
• “Anything that's supply related or even limited edition, that speaks to people who have a desire for uniqueness. They want self expression.”
  — Mindy Weinstein (15:00)
• “The McRib...that’s been something that has been in and out...and you never know what location it’s going to be at. They’ve done farewell tours...there’s mass chaos to buy it.”
  — Mindy Weinstein (16:38)
• “Sometimes scarcity just happens naturally...we still need to think to ourselves, okay, do I really need a 40 ounce tumbler?”
  — Mindy Weinstein (21:00)

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Key Timestamps for Important Segments

• 04:08 — Mindy defines scarcity
• 05:02 — The four types of scarcity explained
• 07:01 — Why scarcity makes us act irrationally
• 08:02 — Brain scans reveal our automatic responses
• 09:52 — Can awareness help us resist scarcity tactics?
• 12:24 — The importance of pausing before purchasing
• 15:00 — Scarcity and the quest for uniqueness
• 16:38 — Scarcity in pop culture: McRib’s farewell tours
• 19:18 — Examples: Black Friday, Stanley Quencher, resell frenzy
• 22:03 — Real vs. manufactured scarcity in marketing
• 23:07 — Airline scarcity cues: real or a ruse?
• 24:50 — Final reflections on the enduring pull of scarcity

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Takeaways & Actionable Advice

• Pause and Reflect: When faced with urgency (“only 2 left!”), stop and consider whether you truly want or need the product.
• Know Your Triggers: Scarcity appeals may play on your desire for uniqueness or fear of missing out. Recognize those patterns in yourself.
• Do Your Research: Especially when dealing with unfamiliar brands or extraordinary claims, investigate if the scarcity is genuine.
• Scarcity is Powerful—But Not Infallible: Being aware of these psychological mechanisms helps you make more conscious choices.

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Further Reading

Guest Book:
Mindy Weinstein — The Power of Scarcity: Leveraging Urgency and Demand to Influence Customer Decisions

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This episode provides clear insights for anyone wanting to become a savvier consumer and understand one of the most fundamental human motivators in the marketplace.

Transcript

[Mike Carruthers]

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[Mindy Weinstein]

Exclusions apply.

[Mike Carruthers]

Seehomedepot.com Pricematch for details why do limited time offers work so well? Why does a product suddenly seem more valuable when there are only a few left? And why can the mere possibility of missing out change our decisions, our spending, and even our relationships? Scarcity is one of the most powerful forces influencing human behavior, and it's everywhere from online shopping to social media and everyday life. That's why today's Sysk trending topic is the Power and Influence of Scarcity. In my conversation with marketing expert Mindy Weinstein, we examine what scarcity is really doing to our brains and how we can recognize when it's being used to influence us. We also explore the psychology behind scarcity, why it can be so persuasive, and how understanding it can help you make better decisions. And we'll begin right after this. If you and I were to meet on the street, which would be lovely, there's an excellent chance that the clothes I would be wearing would be from Quints. And if you asked, I'd be happy to tell you about them. You know how when you discover a brand and suddenly you keep talking about it to people? Well, that's become me with Quince. Originally, months ago, I ordered a few things for myself. Their pants and some polos, cashmere sweaters and and right then I knew. I mean, the quality was so much better than I expected. What I like is their stuff feels elevated without feeling fussy. Their linen shirts and pants are great this time of year. Light, breathable, comfortable, but you still look put together. I just ordered some jeans recently too, and they've immediately gone into regular rotation. And then you see the prices and it almost doesn't make sense because Quints cuts out the middleman and works directly with ethical factories. So you're paying for quality, not some big giant markup. Honestly, I recommend Quince to people all the time and I'm recommending it to you. Elevate your summer wardrobe. Go to quince.com sysk for free shipping on your order and 365 day returns now available in Canada too. That's Q-U-I-N-C-E.com sysk for free shipping and 365 day returns. Quints.com sysk One interesting way consumers, you, me, everyone gets manipulated is through something called scarcity. It's ingrained in us when we think something is in short supply. It triggers and influences our decision making. In fact, when it comes to being influenced, scarcity is arguably one of the most powerful forces, invoking a kind of primal instinct, an instinct that was essential to our ancestors survival, but not so much today. It is the explanation for why when there's an approaching storm, people stock up on milk and toilet paper because something tells them that, that these things could become scarce, even though they rarely do. One of the leading authorities on scarcity is Mindy Weinstein. Mindy's a marketing instructor at Grand Canyon University and the University of Denver, as well as a program leader for the Wharton School and Columbia Business School. Hi Mindy, welcome to Something youg Should Know.

[Mindy Weinstein]

Thank you for having me.

[Mike Carruthers]

So briefly explain what is scarcity as it applies to the way we think and make decisions.

[Mindy Weinstein]

To put it simply, scarcity is some type of unavailability. And when you think about it, it's, it's just a restriction of some type. And there can be a lot of different causes of that restriction, but it is something that is unavailable or it could even just be something that's hard to get.

[Mike Carruthers]

And I think everybody has a sense of what that's like. When you go on Amazon and it says hurry, only two left in stock or you know, sale ends Monday, that that's kind of scarcity. And I think people have a sense that it may be baloney too that, that if you really wanted to find, they could find another one to sell you. And if you really came in on Tuesday, they'd probably match the price. And yet people pay attention to that.

[Mindy Weinstein]

They absolutely do. And I'm just going to tell you a little bit more and expand on scarcity. So I mean I gave you the simple definition because that's truly what it is. But there are really four different types of scar. And what's so interesting about it is that each one tends to have a different effect on us. And so I'll just go through them if you don't mind. Just telling you a bit about them.

[Mike Carruthers]

Sure.

[Mindy Weinstein]

But we have, yeah, we have demand related scarcity and that is popularity. So something that's popular, it's harder to get because of that. That's where we get the best sellers or the wait list or you're trying to get into that new restaurant that everyone else is going to, but it's very difficult. That's demand related scarcity. But then there's supply related scarcity. And that could be intention. So a lot of big brands will do drops where it's very limited and they're restricting the supply. Or it could be because of some type of supply shortage. Like I know that the PlayStation 5 is something that's a supply related scarce item and that's just because of the distribution and chip shortage is what I think I read last. But then there's also time related. And time related is some type of limitation on the amount of time that you have. And that could be something like a flash sale or if you've ever been on a website and you see the countdown timer, that feeling that you have that you start to get anxious, that is time related scarcity because now you're competing against the clock. And then finally there's limited edition, which is really part of supply related scarcity. But with limited edition it's different in that it can be the same product, just a different packaging or just a slightly different twist. But it's also still scarcity. And all of those areas and all those things I talked about, they have different effects on us. And that's part of why I wanted to study scarcity. My dissertation, believe it or not, was on the power of scarcity. And that's just really what catapulted this whole thing because I realized how complex it really was.

[Mike Carruthers]

And so what is the effect that people have? Why is it that we pay attention to that? Why does something become more desirable when it's harder to get?

[Mindy Weinstein]

That is what is so surprising. So during my studies and even through some testing that I've done, there is a reaction to when something is unavailable to us. And that actually dates back to early mankind when, you know, people were trying to survive and there were scarce resources. Our brains are hardwired and they're still wired to overcome any type of scarcity. So something is all of a sudden we can't get it or it's a little harder for us to. Then our brain kicks into high gear.

[Mike Carruthers]

And so you can see that when you observe people and their behavior. But is there a way to tell like what's going on inside of a person that causes them to act the way they do when they suspect scarcity is upon them?

[Mindy Weinstein]

The things that I'm about to tell you, they've actually been seen in brain scans, which is hard to argue with that because you can actually see the brain activity. But when faced with a scarce, let's say, product you're trying to buy and it's an auction, because there was actually a study done that did an auction simulation and participants were hooked up to MRIs, and the researchers could actually see that when they were faced with a product that they could bid on that was scarce, the part of their brain that's in charge of the evaluation process had all types of activity. Meaning that what happened in the brain just automatically is, okay, this item is a little bit more difficult to get. There's not as many of them or it's running out, I'm going to value that higher. And we do that. And the other thing too, I mean, because really it's so multilayered, is that when we are faced with this situation of scarcity, let's say if it's something that is popular, the example I like to give is going to the grocery store and you're buying a product you haven't bought before and you're looking at the different brands, you're not really sure what to get. But then there's one brand that there's only one box left. Let's say you're going to go for that one because your brain's going to take a mental shortcut. And that's also something that we've seen through brain scans, that when faced with something that's scarce, our brains kick into gear again and they also skip the normal process of decision making and just go straight to decision running out. It's hard to get. I want that. So it's just amazing at just how powerful it really is. And to me, I mean, when I started studying scarcity originally, I was looking more at just what influences us and the factors. And then when I started digging into that, I realized that out of all of them, scarcity is the one that is so innate in us and so strong.

[Mike Carruthers]

Don't you think that when people hear, when most of us hear these claims, these Scarcity claims, only 4 days left, limit 5 hurry, time is running out kind of claims that it's a tactic, some retailer is trying to manipulate you to buy and prey upon this scarcity response that happens in all of us when we hear these claims. So my question is, does knowing, does being very conscious of the fact that this is a tactic, does that help mitigate the power of these scarcity claims? Cause, you know, they're just saying that it does help.

[Mindy Weinstein]

You'll still find yourselves in situations where you're going to have to stop and say, okay, what's really going on here? And I'll be completely candid with you. You know, I am a researcher. You know, I have my PhD in general psychology. I'm a marketer, I'm a marketing instructor. So I come from this background where I understand all of this. But as a consumer, I still get caught up in it. If I find that there's a product that interests me and I see that it keeps selling out, oh, you better believe that that pull and that desire to purchase it is there, it's strong. And so it doesn't mean though that all of this is something you can't overcome. And I think that's really important to think about. So knowing that this happens, you can just stop. And that's usually what I like to think about, is like, stop. If you're about to make an impulse purchase, ask yourself, why are you purchasing this? Is it because you think that it's something that's not going to be available that day? The next day you're, you're fearful that you're going to miss out. But if you just pause and think about, why am I truly purchasing this? And wait, I mean, wait a day, it sounds really simple. But the next day, if you feel like you still want to buy that and it's still available, purchase it. There's also been studies done that show that, that feeling that we have of, you know, the fear of loss or the thought that we might regret our actions or inaction, in this case, it goes away. It doesn't last that long. So you just have to remember that. And I think it's just a reminder. So as a consumer going back to being candid, I have to remind myself of that, of am I really filling my shopping cart online on this website because I wanted all these things or is it because I just got a text messages saying that I had exclusive access to a sale? So you just again, pausing is the best thing.

[Mike Carruthers]

Pausing is the best thing. I think that's the big takeaway here when it comes to scarcity. Mindy Weinstein is my guest. She is author of a book called the Power of Scarcity.

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[Mindy Weinstein]

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[Mike Carruthers]

So Mindy, one of the things I've never really understood, cause I've never been part of the phenomenon and I think it's part of this whole conversation about scarcity is when a movie first comes out and people line up like the night before and. And I'm thinking why in two weeks you could walk into that theater, it'll be half empty and it's the same movie. Why would you want to be the first to see it? Is that kind of part of this?

[Mindy Weinstein]

A hundred percent. So here is what again is just looks, stepping back. Okay, look, when you look at scarcity, how I said it's multi layered and the situation you just described, that still is a bit of. I mean there's high demand there too, but people want to be the first ones. And so the different types of scarcity that exist out there, they speak to different people. And so, you know, that was high demand I talked about. But it's a bit of supply too because there's only so many movie seats in the theater that you could go to and sit. But what happens when it's something like that is that people want to be unique. And so that's a huge draw. So anything that's supply related or even limited edition, that speaks to people who have a desire for uniqueness. They want self expression. So going to that movie theater, you know, they're going to take pictures before they go in, post them on social, because they feel special because they got to be there before everyone else. The same thing. When you think about like the latest iPhone that's coming out and people will wait in line for that, it's the same idea. And it's that being one of those first movers, you know, the first to see it, the first to buy it, it sets you apart.

[Mike Carruthers]

Yeah. And. Well, and maybe the flip side of that is, you know, when like a Broadway show announces that it's closing and then the tickets, ticket sales go up, way up for. Because now it's going to be. Now it's closing, it's going to be gone. Well, those people could have gone to see it six months ago and probably got better seats, but now that they know it's closing, all of a sudden it becomes more desirable.

[Mindy Weinstein]

Exactly. It's that fear of missing out. And you saying that is making me think about the McDonald's McRib. I actually interviewed the former VP of global marketing for McDonald's. He was with the company for 40 years. And so they're a great example of using scarcity, but they take the approach of making it fun and adding excitement. And so the McRib, you know, that's been something that has been in and out in terms of being offered and available, and you never know what location it's going to be at. They've done farewell tours in the past and currently they're actually, they've released it, but it's the farewell tour again. And so you kind of see things like that and there's mass chaos to buy it. I actually even saw someone was selling a McRib sandwich on eBay for $5,000. I'm a little confused. Yeah, I'm a little confused because I don't know, like, do you just display it like it's a museum item or do you eat it? No, I can't tell you. They got $5,000. But I actually kind of laughed and I looked at the listing for it too, because it's like your last chance ever to get your McRib sandwich. This is gonna be gone for good. I thought, look at you putting some scarcity into it. So. But it does create some excitement at the same time. But it's, it's fomo. It's fomo with the example you gave with Broadway and Then Even with the

[Mike Carruthers]

McRib, you see that I don't get that, because, come on, we know the McRib will be back. It has to come back. It's not like it's hard to bring it back. They do it all the time. So why would people actually believe that the McRib Farewell Tour is really the McRib Farewell Tour? I mean, you know, the same thing happens at Taco Bell with their nacho fries. And I just finally got tired, you know, I'm tired of going to Taco Bell and seeing they don't have them. So I just don't go to Taco Bell anymore. Because you kind of, like, want them and they're not there. So it doesn't work on me, or that one doesn't work on me because I've kind of resigned myself that I can live my life without nacho fries.

[Mindy Weinstein]

Yeah. I mean, and that's, you know, talking about scarcity. It's not that all of this is going to appeal to every person. You know, we're all different. So you talk about the nacho fries, but someone else might still keep going back because they're wondering when they're going to be there. And as soon as they know they're back, they're going to continue to go buy them. We're just all different in the things that we are going to draw us in.

[Mike Carruthers]

So you mentioned the McRib. What are some other examples that we might know of marketers using scarcity on us?

[Mindy Weinstein]

Black Friday is like scarcity supreme with that. Because what happens with Black Friday is that, you know, the different stores, big box retailers, and they're going to have a limited supply on purpose of certain items. And so they draw you in. You know, you get excited. There's also all these people, there's excitement, there's all these things going on. That's a huge one. But I. Some of the other big ones, and I'm going to tell you, some of the more recent ones, too, like the Ford Bronco, they came out with their latest and greatest and sold out right away. People had to register to be on a wait list. And then now they're being told that it's probably going to be two more years before they even get their vehicle. So those wait lists, anytime you see something like that, a wait list actually is scarcity because that signals high demand, and it's going to cause you to not want to miss out. You know, you want to be part of the group. You want to see what all the fuss is about. Thinking about some other ones and this one might not be as well known but if you look it up online, you're going to be blown away. But there's this cup, it's actually a 40 ounce tumbler, it's the Stanley Quencher and it's been like the Internet sensation. So if you look up Stanley Quencher 40 ounce cup, first of all you're going to see it sold out. That's the first thing. But what was interesting about that, it was actually a product that was discontinued years ago and a group of bloggers really petitioned Stanley to come back with it because they liked it. And so they were able to have 5,000 units that they were able to get their hands on the bloggers and they sold them to their following and they were sold out like right away. Well now fast forward to today is Stanley is releasing these but they just can't keep up. And so you see all these people talking about it on social media on TikTok there was a hashtag related to the Stanley Quencher and I believe it had, oh my gosh, it was in the millions of usage like on the hashtag. It was insane. It made it into like major publications. Everyone was trying to get their hands on it. So then of course that opened up the space big, you know, market on ebay for them too. And so with that one, even though it's not a ploy, and that's why I'm also giving you that example too, is that sometimes scarcity just happens naturally. And you know, we see that with supply shortages, but when that happens we still need to think to ourselves, okay, do I really need a 40 ounce tumbler? Is that something I really need? Because just, just because it's something that's selling out again doesn't mean you need it or have to get it. So just things to remember. So there's lots of different examples but I wanted to, like I said, mention the ones that weren't even necessary. Marketing ploy. It's just things that happen.

[Mike Carruthers]

Is it usually just things that happen or is it usually a marketing ploy?

[Mindy Weinstein]

It's both. I mean it can be both. And so of course time related scarcity. So like I said, those are your sales of flash sales, coupons, countdown timers, those type of things. I mean that's of course intentional because there's a specific time limit and that's okay because with that, I mean you are building brand awareness and so companies do that and I think as consumers we're okay with that. We're used to Them if it's a trustworthy brand and you bought from them before, you know, most likely it is above board. Because it can also be helpful with scarcity. If we want to buy something like on Amazon, and you know that there's only one left. Okay, yeah, I mean, that's definitely trying to get some urgency. But if you really want that and you need that, you're going to buy it right now. But if it's something your company you're not as familiar with, like, go do your research first to see if it's just them doing those tactics or whether it is truly something that's scarce and they're really just trying to inform you.

[Mike Carruthers]

One of the times that I'm very suspicious of it is when you try to book an airline flight and it'll say only four seats left. And if you really need that flight, that really gets your attention. Because if you don't book it now, it's only four seats left, they'll be gone, and then you won't get to go see grandma for Christmas. If it's real, it's real. But I'm just. I just wonder if it's real.

[Mindy Weinstein]

I hear ya. But a lot of those, you know, with airlines, it is real. I also look at it as, again, if it's a brand, you know, a company you trust, an airline you've been buying from, they also do inform you with that at the same time. And yes, they're trying to get you to buy now, there's no doubt in my mind. But at the same time, they're not just making that up either. And I had, in my book, I have an interview with Kevin Harrington. So he was one of the original Shark Tank investors and then also very involved in QVC and Home Shopping Network. And we were even talking about how, like, qvc, you know, if you've ever watched that, it'll say how many items are left. And it's definitely that sense of urgency. But the way he was talking about it, he said it is true. Like what, what we're saying, when you're looking at that product and you're watching how many are going down, being bought, it's all accurate. He said we only buy a certain supply. But they're informing their viewers that are watching of like, okay, yes, you know, five left, you know, two left. Oh, we're sold out. So at the same time, you don't. Even though we're skeptical there, there's a lot of truth to that. Again, it just goes back to, do you really need it in a case of an airline ticket, you probably do like you said, if you're wanting to go home and see Grandma. If you're watching something on qvc, I don't know, just depends what it is.

[Mike Carruthers]

Well, it's really amazing the power that scarcity has over us. And as you say, it appears to be like this primal instinct. And it's really, I think, important for people to understand. Mindy Weinstein's been my guest. She is a marketing instructor at the University of Denver and Grand Canyon University, as well as a program leader at the Wharton School and Columbia Business School. And the name of the book is the Power of Scarcity Leveraging Urgency and Demand to Influence Customers Decisions. And there is a link to that book in the show notes. Thank you, Mindy.

[Mindy Weinstein]

Thanks Mike. This has been so fun. I really appreciate you having me.

[Mike Carruthers]

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