When love is in the mix, watch out for your budget.
Consumers making purchases with a strong emotional connection — say, for a funeral, wedding or even a birthday — are less likely to use tactics to help them get a better deal, according to a new study in the journal Judgment and Decision Making. They are less likely to price compare or to negotiate on price. Even when consumers do find a less expensive alternative, they are still apt to choose the pricier item, the study found.
Typically people are good about seeking out cost savings, said study lead author Peter McGraw, an associate professor of marketing and psychology at the University of Colorado Boulder's Leeds School of Business. But the idea of putting a price tag on love — especially a bargain price — makes people deeply uncomfortable.
"It just doesn't feel right to be negotiating lower prices on a casket for your beloved grandfather," said McGraw.