This study theoretically examines the impact of psychological pricing on consumers' buying behaviour.
The study has used secondary data from research papers, monographs, theses, popular articles, and newspapers.
The unlucky digit 4 appears less frequently in price endings in Chinese restaurants.
The lucky number 9 is more frequently used on Chinese menus.
This empirical study concentrates on several aspects of price perceptions, especially on price endings, the first (non-zero) digit in a price, symbolic meanings, eye-catching sequences, and price cuts framed in percentage or euro terms and uses a descriptive design to determine the extent to which retailers of grocery, furniture, clothes, hardware, consumer electronics, and food apply these psychological pricing methods in Austria.
Odd and even pricing are common practices for a wide range of prices.
If you felt there’s something at play here, you would be perfectly right!
Those one cent or one dollar “discounts” play a very special role in marketing.
Remarkably, a low number of price points generate more than half of the sales for groceries and clothing.
Benford’s law regarding first digits applies for furniture shops.