A quirck in consumers’ thinking about prices
Eleven years ago, researchers found that consumers acted as if low digits were farther apart than higher ones (via the New York Times).
The research found that students who saw ads showing a $233 skate marked down to $222 thought they were getting a larger discount than did students who saw a $199 skate marked down to $188. The first group also rated themselves about 20% more likely to to buy the skates than did the others.
That is a pretty interesting finding, especially considering that so many products are priced with the highest digits 99…
[Tags: promotions discounts consumer behavior]
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