It's a well known fact that color influences mood and feeling in common experience, however, the field of color psychology is still not well understood. Research on the psychological aspects of color is difficult for the mere reason that human emotions are not very stable and the psychic make-up of human beings varies from person to person. Nevertheless, there are a number of general and universal reactions to color which seem to be noted in most people. According to fundamental psychology, Freudians relate hues back to bodily function-blood, faces, and so on-while Jungians tend towards a more liberal interpretation of hues, believing that the individual's response to color is too complex to allow a simple (sexual, for example) mode of interpretation.

Black & grays
Symbolizes authority, power, formal, mournful, rich, elegant, serious, seriousness, distinctiveness, boldness, sombreness, authority, practicality and a corporate mentality.
Popular in fashion because it makes people appear thinner.
Generally considered stylish and timeless.

White
Symbolizes innocence and purity.
Considered a summer color.
White is popular because it's light, neutral and goes with everything.

Red
Symbolizes heat, danger, aggressive, assertive, intense, strength, vitality, life-sustaining, passionate, courageous, insightful, power, energy.
An emotionally intense color. Stimulates faster heartbeat and breathing.
The color of love.

Pink
Symbolizes femininity, innocence, softness, health.
More tranquilizing than red.

Orange
Symbolizes warm, cautious, hazardous, cozy, energetic, fun, cheeriness, warm exuberance.

Blue
Symbolizes authority, dignity, security, faithfulness, trust, reliability, belonging, coolness.
Deep blues: Analytical, serious, scholarly, academic, naval, regal.
Pale blues: Calm, pacific, ethereal, fresh, clean, cool.
Most popular color to both genders.
Opposite reaction to red.

Green
Symbolizes nature, environmental, motion, mobility, wealth, natural, tranquillity, health, freshness, fertility.
Dark green: masculine and wealthy. The easiest color on the eye and therefore very relaxing.
Yellow-green shades are unpopular to both genders.

Yellow
Symbolizes cheerful, optimistic, tropical, sunlit, healing, illuminated, discovering, positively, sunshine and cowardice.
The most difficult color for the eye to take - can be overpowering if overused and seen as an "agressive" color.
Yellow is not a good color for notepads and monitor background.
Can enhance concentration and speed metabolism.

Purple
Symbolizes royalty, luxury, wealthy, spirituality, dignity, sophistication, costliness and mystery. Particularly feminine and romantic.
Because purple is rare in nature, it often can appear artificial.

Brown
Symbolizes solid, reliable, somber, natural, authentic, utility, earthiness, woodiness and subtle richness.
Light brown implies genuineness.
Dark brown implies sadness or wistfulness.
Men appreciate brown more than women.


Further reading:
http://psychology.about.com/library/weekly/aa031501a.htm - Color Psychology
http://www.netwrite-publish.com/color_psychology.htm - Color Psychology for e-Book Cover Design
http://www.heavenlyideas.com/color-therapy/color-psychology.html - Color Psychology for color therapy
http://www.saunalahti.fi/jawap/colour/books/colorb.html - Some good books on Color Psychology
http://www.colormatters.com/khouw.html - Gender differences in response to color
http://www.colormatters.com/research/nrl_ebrand.pdf - Color as a tool for e-branding

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