Word: priced
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...found that since the 1970s, we are spending less for clothes, food and appliances and substantially less for owning and maintaining a car. But at the same time, our spending has increased, controlling for inflation, by over $4,500. And a good deal of that has to do with price...
...marketers strive to make us think we are scoring good deals. They make you think that you're special because you've been able to score this deal. But you need to think, really: Why are you so smart that you're not paying the so-called full price? And in fact you need to look carefully, because many times you are. (See how Americans are spending...
...That was another thing you discuss in the book: unrealistically high reference prices. They'll put this price tag on an item that's ridiculous for what its actually worth to make you think you've gotten a good deal when it's marked down. No one ever pays full price for a mattress. There's actually been a lot of litigation around mattress prices because they set those reference prices very high to make you think that you're getting a good deal. In fact, often a department store will put one mattress on so-called "sale" and raise...
...also say that factory outlets may not really be a bargain at all, that you're not really buying a Banana Republic shirt at a cheaper price - you're just getting something else. That's absolutely right, and for me that raises really interesting philosophical issues: When is a brand really a brand? What does it mean to be a Coach bag? What does it mean to be North Face parka? These companies manufacture things specifically for their outlet stores, and they rely on their brand to carry that signal of value. So you have to think about that...
...Ikea people I met in Sweden are the nicest people you can imagine, but they were also like a cult. Their allegiance to Ikea was just beyond belief, to the point where they weren't really thinking about what their day-to-day activities meant. They design to price: they set the price first and then do what they need to do to keep the price where it is. So whether it's a 50-cent coffee mug or a $100 table, they do what they need to do to keep the price at that point. So if that means...