February 4, 2015 4:54 am
Store Perception Can Lead to Increased Spending
There’s a reason why retailers spend big bucks on branding. According to a profile in the New York Times Magazine, shoppers are willing to pay more for an item if it came from a store perceived as high-quality. To avoid falling into this trap, shop around for everyday items. A white T-shirt, for example, can be well-made without being pricey.
Costs of Big-Ticket Items Makes Small Items Seem Worth It
On your next shopping trip, remember to keep things in perspective. Retailers will often place smaller items near big-ticket ones to justify a higher price – a $100 tablecloth is not worth $100 just because it’s sitting on a $5,000 table, for instance.
“Sale” Keyword Affects Perceived Value
Discounts compel shoppers to spend whether the price is saving them money or not. When comparing items, do the math before purchasing. An item for sale may not be worth its cost, especially when up against a regularly-priced item for less.
Prices Ending in 9 Mean Little to a Store’s Bottom Line
The majority of retailers use the 99 cents strategy to trick shoppers into thinking that the item really doesn’t cost the rounded-up whole number. That one cent may be a drop in the bucket for retailers, but it can burn a hole in your wallet if you’re not careful. Train your brain to look past this tactic to save the most cash.
Items Priced without Commas Seem Less Expensive
According to a Journal of Consumer Psychology study, higher prices broken up with commas appear much less costly to shoppers – $2799, for example, reads cheaper than a $2,799 tag. Some stores use commas and others don’t, so look for the lowest price when shopping around.
Source: Apartment Therapy
Published with permission from RISMedia.