Numbers game: How prices get shoppers ‘feeling right’ about a deal
The number of cents on a price tag might have a greater influence on which product you choose to buy than the number of dollars, according to new research.
Marketing researchers compared the impact of rounded and non-rounded prices, and found rounded numbers increased the chances of consumers buying a product when driven by feelings, such as a $100 camera for a summer holiday.
Non-rounded prices upped the chances of customers buying the same product when they were motivated by practical reasons, such as a $101.53 camera for a class project, the study in the latest Journal of Consumer Research showed.
When the price type and the purchase context matched, shoppers experienced a sense of "feeling right", said authors Monica Wadhwa from the Institute of Asian Consumer Insight and Kuangjie Zhang from Nanyang Technological University in Singapore. Sydney Morning Herald – Read more…
Marketing researchers compared the impact of rounded and non-rounded prices, and found rounded numbers increased the chances of consumers buying a product when driven by feelings, such as a $100 camera for a summer holiday.
Non-rounded prices upped the chances of customers buying the same product when they were motivated by practical reasons, such as a $101.53 camera for a class project, the study in the latest Journal of Consumer Research showed.
When the price type and the purchase context matched, shoppers experienced a sense of "feeling right", said authors Monica Wadhwa from the Institute of Asian Consumer Insight and Kuangjie Zhang from Nanyang Technological University in Singapore. Sydney Morning Herald – Read more…
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