Psychological pricing
Behavioral economics theory that certain prices have a psychological impact
Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98.
Nº Q419681 ★
Common · History
Psychological pricing
Behavioral economics theory that certain prices have a psychological impact
Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98.
Last price
—
Floor price
—
7-day median
—
30-day sales
0
30-day range
—
In circulation
0
Price history
median
low – high
sales
No sales in this period
Show table
| Date | median | Low | High | sales |
|---|
Sales history
- Last sale
- —
- 30-day average
- —
- 30-day low
- —
- 30-day high
- —
- Sales 7d
- 0
- Sales 30d
- 0
No sales yet.
Anonymous sales: no buyer or seller shown. Figures count player-to-player sales only.
From Wikipedia
Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98. There is evidence that consumers tend to perceive just-below prices (also referred to as "odd prices") as being lower than they are, tending to round to the next lowest monetary unit. Thus, prices such as $1.99 may to some degree be associated with spending $1 rather than $2. The theory that drives this is that pricing practices such as this cause greater demand than if consumers were perfectly rational. Psychological pricing is one cause of price points.
Text: Wikipédia, CC BY-SA 4.0. · Image: Marshall Astor from San Pedro, United States (CC BY-SA 2.0) ·
Related cards
List price
Reference price that the manufacturer recommends that the retailer charge to consumers for a product
Nº Q1144077 ★★
Personal consumption expenditures price index
Component statistic of the United States Gross Domestic Product
Nº Q7170569 ★
Fixed price
Pricing strategy where the seller specifies an item's price up front and does not permit bargaining
Nº Q1077369 ★★
Consumer price index
Indicates tracking prices of consumer goods as an economic measure
Nº Q180687 ★★★
Price fixing
Agreement over prices between participants on the same side in a market
Nº Q1200230 ★★
Everyday low price
Retail pricing strategy that eschews limited-time discounts
Nº Q5417841 ★★