“Study Shows Precise Pricing More Enticing to Buyers : NPR”
Study Shows Precise Pricing More Enticing to Buyers : NPR
They say when the price of an item is in a round number, people perceive it as higher than an odd number. In other words, people think a $3,000 car is more expensive than one priced at $3,129.50. The finding has implications for people trying to sell their homes.
No wonder all those houses here end with 888! It’s because the people in the Bay Area are so smart, so analytical, so awesomely engineering that we need precision like that. Finally… it makes sense. Those sellers are setting the price for your convenience.
Thanks to Burbed reader Mia!
March 31st, 2008 at 7:49 am
The ultimate price: $777,888
Although I’m told that “858,858″ is also good.
March 31st, 2008 at 9:59 am
After decades of intense study, scientists around the world are able to come to a conclusion that a product priced at $1.99 is CHEAPER than the same product priced at $2.00.
March 31st, 2008 at 3:08 pm
Chinese people think 888 is lucky.
March 31st, 2008 at 3:14 pm
Chinese people think 888 is lucky.
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888 or just 8? I thought it is just 8 and that’s why they stuff as many 8s as possible.
I wonder why they don’t get toll-free 1-888 number for their home/work phones, so that I can call them free in case I need to.
March 31st, 2008 at 3:23 pm
8 is lucky because it sounds similar to the Mandarin word for prosperity. Similarly, 4 is unlucky because it sounds like the word for death.
I had a Chinese-American friend who told me her mother had connuptions when she bought a house with 2 4’s in the address. If you live on the 400 or 1400 or 2400 (etc) block in Silicon Valley, your house is worth less than the two blocks on either side because of the 4s all around. The 800, 1800, 2800 etc blocks are luckier and will sell for more.
Don’t put a needless 4 in your price if selling in a market with lots of Asian buyers.
March 31st, 2008 at 7:52 pm
My purchase price had both a “4″ and an “8″, so I guess I come out even.