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These odd prices actually give the illusion that you are paying drastically less than you actually are.
Few retailers employ prices made up of digits that form a striking pattern.
Finally, the lower the price cut, the more likely the discount gets promoted in terms of percentages off.
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.
Findings show that socio demographic factors like age, income, education, gender, lifestyle, family size, reference groups, social roles and status and the psychological patterns like representativeness, availability of products and the anchoring heuristics are key factors which influence consumers' buying behaviour.