SeaComm Federal Credit Union OFFICIAL BLOG

How to Beat Pricing Psychology

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We all love good bargains – it’s human nature. But because we live in a consumer society, businesses are constantly trying to make sales, even if that means deceiving poor customers, and making them believe that they’re getting a deal when they’re not.  Here is some of the pricing language that businesses use to trick you, and how to avoid it.

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BOGO is a NO-GO. You’re most likely familiar with this selling strategy of “Buy One Get One,” or “BOGO.” Some sales will give you something for free when you buy a full-priced item, while others will offer you a second item at 50% off. While you may think that you’re striking a good deal out of this arrangement – you’re not. Unless you actually came to the store to buy that specific item, you probably wouldn’t have paid full price for the first item, anyways! Don’t fall for this popular sales trick unless the item is something you need.

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10 for 10 scam. Stores really like to push deals like “10 for $10,” offering shoppers the opportunity to buy items like boxes of granola bars or soup in bulk. While it might seem like a good deal at the time, especially if you have a big family, you could just as easily buy one for $1. Ask your retailer about this before you fill up your cart with items you wouldn’t have originally purchased.

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Leave your emotions at home. When some people feel stressed after a long day at work, you can find them in the drive thru picking up a latte to cure the angst. When some are feeling unhappy with their appearance, they can be found purchasing a new outfit to make them feel better about how they look. Or if people feel tired or exhausted, you might catch them splurging on expensive dinners, even when they have enough ingredients for dinner in the pantry. Don’t let your emotions drain your wallet! Check out these 10 ways to stop emotional spending.

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The Penny trick. Also referred to as “charm prices,” prices ending in 99 or 95 make items appear cheaper than they really are with a decreased price of mere pennies, and therefore, more tempting to purchase. This price ending has proven to have a psychological impact, with evidence supporting the fact that consumers tend to perceive “odd prices” such as this, as being significantly lower than they actually are. The best way to avoid being fooled by this trick? Walk into a store being fully conscious of this, and train yourself to read prices at their rounded-up rate.

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Stay away unless you actually need something. This is the most effective way to avoid stores’ sales tricks and impulse purchases. Too often, people visit the grocery store and department stores as a form of entertainment or to pass time, and not to actually purchase items that are needed. Do your wallet a favor, and try these simple tips to help you stop compulsive shopping.

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