Does Your Business's Color Scheme Have Any Bearing on Customer Spending?

Over the weekend, I read a very interesting article in Real Simple magazine titled "How Color Affects Your Spending".  Although the article doesn't go into too much detail, the experts consulted (including marketing professors, a retail-strategy firm founder, and the executive director of the Pantone Color Institute) do give some interesting information about consumer perceptions of color choices.  Are your colors attracting customers to spend or driving them away?  Below is a description of how a few popular colors are perceived by customers.

Black-  Symbolizes sophistication and can make lower-end products seem more high-end.

Blue-  Symbolizes trust and dependability.  In a 2003 study published in the Journal of Business Research, customers were 15% more likely to return to a business with a blue color scheme as opposed to a business with an orange color scheme.

Orange-  Symbolizes fairness and affordability.  Usually used by stores where low prices are one of their top priorities.

Red-  Symbolizes an alarm or stop sign, so customers may be more wary to spend.

Yellow-  Symbolizes energy and increases appetite.  This color is popular with fast-food restaurants who want you to make a last-minute stop as you drive by.

What does your business's color scheme mean to your customers?  Have you recently changed color schemes?  If so, have you seen a change in sales?  How will this information help you to design signage in your store?