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Price perception and willingness to pay

In: Cross-Cultural Consumer Behavior

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Abstract

Price plays a key role in purchase decisions and is one of the easiest pieces of information to compare. This chapter discusses important issues with respect to price perception, e.g. specifically, price knowledge, price awareness, price sensitivity, as well as willingness to pay and price fairness. Cultural differences are highlighted, such as the influence of thinking style (analytic vs. holistic) on how stock prices will develop, and the role of collectivism on price awareness. The role of culture on willingness to pay is also discussed. For example, in high power distance cultures, companies can often push through above-average prices for prestigious premium brands, because luxury products in particular are bought precisely due to their ability to signal status. Time perception and self-construal also demonstrate effects on willingness to pay. Finally, cultural differences with respect to price fairness and the use of luck numbers in pricing are reviewed.

Suggested Citation

  • ., 2023. "Price perception and willingness to pay," Chapters, in: Cross-Cultural Consumer Behavior, chapter 20, pages 356-368, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21561_20
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