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Originally Posted by analog
It's not a surprising finding if you've ever been in sales, it's purely a mind trick- it's the same reason that everything is *.99 not just $x, evenly. Consumers as a whole perceive the $x.99 to "feel" cheaper than that one cent to round it to $x. The normal explanation for this is that people scan the number and whatever the "dollar" amount is determines it's value, so obviously $9.99 feels "cheaper" than $10 because you see the $9 first. Sound ridiculous? I agree, but we (consumers) do actually think that way, if only subconsciously.  |
My grandad tells a story of discovering this when he used to run a shop, he charged 1 or 2 pennys below the full £ amount (e.g. 2.99 instead of 3.00) to force the cashiers to open the till to give change, and thus prevent them from pocketing the customers money.
Later on he noticed that customers were buying more of the discounted items than before. He's got the sales records to prove it...every time we go round.
Interesting the way that things work out!