It never ceases to amaze me how placebo works when it comes to prices – most people tend to be greatly influenced by the price of an item they buy, when it comes to judging its quality. Believe it or not, it has even become a marketing strategy, to raise your price rather than lowering them, to attract clients.
Sounds like a joke, right ? Well sadly, this kind of strategy often works, and the public is perversely tempted into a more expensive product, exactly because it is expensive; basically, you expect the more you spend for something, the better it is.
In this amusing video, Professor Funk takes a look at how people judge a beer based on its price. Watch it, and wait for the twist – it will definitely be worth it, and you’ll find out why it’s better to get cheap beer for your friends.
He also briefly describes other really really interesting studies – which I highly recommend watching before you go to the supemarket.