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Do prices at $0.99 instead of $1.00 result in more sales?

by Gia (follow)
Money (148)      Sales (13)      Consumerism (6)     
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Do prices at $0.99 instead of $1.00 result in more sales?

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I would think so. It gives the immediate impression of the item being cheaper.
by Gia
Yes, definitely.
It wouldn't sway me but given so many companies do it I'm guessing some very expensive market research has earmarked it as a successful sales tool.
Absolutely. There's a lot of evidence in the retail industry to show that it does. People love to think they are getting a bargain!
Also, with prices like 4.99, the brain registers the 4 rather than the fact it is one penny less than 5, so it feels like a lot cheaper than 5. If you stop to think about it, obviously it isn't but most purchasing decisions are not thought about carefully.
Definitely especially when the item is priced around $5 we tend to abbreviate and an item that is $4.99 is often unintentionally perceived as being a $4 item as it has not yet reached the next whole dollar
Yes I would think so. Every little helps!
no because its just 1 cent less (not much of a difference )
It's a psychological ploy by retailers!

$3.99 SEEMS cheaper to the shopper than $4.
So by pricing an item just ONE CENT cheaper, a sale is probably made. Whereas the dearer amount won't.

It's all in the 'Shopper Psychology 101' study book! Lol!
if we all use our brains to decipher that 99c we would realize that it is really 1.00
i think so but not sure
I don't think so, but then why do vendors persist in using $0.99 or $0.97 or $0.95.
Why not for a change offer something for sale at $10.01.
It seems a silly waste of time, doesn't it?

Farley
I think most of us now understand the psychology behind this ploy as we have the "round up" system in Australia, although buying in bulk rather than a single item would save a bit, ie 1 = $1 (rounded up), 5 = $4.95, but then again who could be bothered. I think subconsciously though we still think it is cheaper at 99c rather than $1.
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