To be Richer, to be More Miserly? How Purchase Purpose and Affluence Moderate Price Perception

Abstract

This study was aimed at examining how purchase purpose and affluence influence price perception. A total of 84 participants were involved in a 2x2 experiment, the results of which showed that in the case of a primed very affluent condition, participants priced items which they bought for themselves higher than when they bought the same items for their friends. However, in the primed average wealth condition, the price of the goods which participants marked for themselves was similar to prices of items bought for their friends. These findings give an important insight into the relationship between affluence and purchase purpose and the influence of these on price perception.