The 99p Myth

For decades, retailers have relied on the inability of shoppers to comprehend that the difference between an item priced of £1.99 and that priced at £2.00 is just 1p. The human mind most of the time just sees the £1 in £1.99 instead of rounding it up to the £2.00 that it really is.

In recent years, shoppers have become more sophisticated and have seen through the 99p deals they just round it up in their heads and are not even interested in getting a penny change anyway.

Due to this change in shoppers’ spending habits, shops are finally giving up trying to convince shoppers that items are cheaper simply by ending prices with 99p. The new trend is the “round pound” – selling goods cheap and cheerful packaging marked ‘only‘ £1 or £2.

I am trying to let you know that even the retailers know their 99p tactics don’t work much anymore so why should you continue to loose to any old trick? Think round pound but also think need. as opposed to wants before you buy.

Related posts:

1. Money Myth #2 – All I Need is Little More Money
2. Money Myth #5: Everything will be alright – somehow
3. Money Myth #6: I can win the lottery
4. Money Myth #4: I’m young, I still have time.
5. Money Myth #7: I can marry a rich person
6. Money Myth: Blue Monday
7. Every Penny Counts