Based on their self-esteem, consumers make a comparative analysis of prices.
Experts from Fudan University and the University of Texas believe that people assess price based on two parameters. On the one hand, they compare current price with the money they spent on the product before. On the other hand, they compare it to the money that other people spend.
Self-esteem influences the type of comparison the customers choose. For example, confident people who feel their power believe that price is inadequate if they pay more than other buyers. This, in turn, makes them complain about inflated prices and become angry.
But people who did do not feel confident usually resort only to their own experience (the current price against the amount spent previously). Such people prefer not to think why they pay more than others, although they get more upset. The obtained results allow us to take a different look at the psychology of buyers.
And how do you shop?