Why are all prices ending with a “9”?

Hello human

💡 Have you heard of the concept of consumer psychology of pricing?

It is a concept that looks at how people make decisions when it comes to purchasing and how price affects these decisions. It explores how price endings, labels, and discounts can play a role in influencing buying decisions.

📚 For example:

• A study has shown that people are willing to pay up to 20% more for a product if it is labeled as 'premium' rather than 'economy'.

• This shows that consumers are willing to pay more for an item that is seen as offering better value and quality.

• Additionally, research has shown that people are significantly more likely to make a purchase if the price ends with a '9', such as $19.99 rather than $20.00.

This shows the power of psychology on consumer buying decisions.

You can A/B test your prices in your business to increase sales and revenues.

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