With the silly season in full swing and Christmas shoppers out in force, we found some food for thought for retailers around consumers' perceptions of pricing. How big is the price of your product written? Does the price end with a nine? Have you used a dollar sign? Research shows the way a customer perceives the price of an item will influence their buying behaviour.
The value of an item is often in the eye of the beholder – or the company marketing it. Take lobster, for example. In the 17th century, lobster was a food served to lowly prisoners and servants and only became a luxurious, exotic dish after a rebrand in the late 1900s. We look at how the value of a product is created and perceived.