Price Heuristics

Price heuristics are mental shortcuts or rules of thumb that consumers use to quickly judge whether a product is fairly priced. Instead of carefully analyzing every detail, shoppers might rely on familiar pricing patterns, such as $9.99 seeming cheaper than $10.00 or comparing prices to those of similar items. These heuristics help make quick purchasing decisions based on past experiences or common practices, reducing cognitive effort. While efficient, they can sometimes lead to assumptions or biases, influencing purchasing behavior without thorough price evaluation.