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I don't think people are as price sensitive as is commonly believed. I think consumers broadly don't have reliable signals except for price, so they prioritize
by AlotOfReading 2y ago
I don't think people are as price sensitive as is commonly believed. I think consumers broadly don't have reliable signals except for price, so they prioritize what they know. Look at companies where brand is also a reliable indicator of product quality (in popular perception) like Apple or Louis Vuitton. When there's other signals, consumers are frequently willing to prioritize them over price.
- plorkyeran 2y agoYeah, for many categories of products there's basically two reasonable approaches to buying something: put lots of effort into research, or just buy the cheapest one. Many people are willing to pay more for a better product, but that requires being able to identify the better product.