“Perception isn’t everything to shoppers”

I had written previously about a study held at California Institute of Technology about how the perception of taste of wine might be affected due to the price paid for it. (You can read it here: “cheap wine or expensive wine?”

Now, I just read another article published at inc.com talking about another study on a similar issue held at Cornell University and Hebrew University of Jerusalem:

• Perception isn’t everything to shoppers, Keaton Gray – inc.com

According to the observations of the researchers, “More expensive products might be perceived as more attractive — which could increase demand — but they are also more expensive, which turned out, in our study, to decrease demand by much more.”

By the way, I would also like to mention what one of the readers of the article (DeniseCorc) left as a comment:

“…neuromarketing experiments (which scan the brain as consumers are making buying choices) show that relative price — not absolute price — is what drives buying behavior. In this experiment, my guess is the “perceived relative value/prices” probably did not change and hence why the findings.…”