From the course: The Undercover Economist: The Economics behind Everyday Decisions (Blinkist Summary)

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Good consumer habits

Good consumer habits

From the course: The Undercover Economist: The Economics behind Everyday Decisions (Blinkist Summary)

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Good consumer habits

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- [Narrator] Blink number three: companies try to get you to pay more than you need to. Being aware of their tricks can help you avoid them. Companies might be cunning when it comes to chasing your money, but you are not totally at their mercy. There are ways to save your money, and it's up to you to practice good consumer habits. First, be aware of where you buy your stuff. Consider, for example, that companies often use a strategy called price targeting, where they sell the same goods or services at varying prices, depending on the market or the location. In London, there are two Marks & Spencer Simply Food stores only 500 meters apart. In the one located at a metro station, every product is about 15% more expensive. They get away with this because people in stations often have little time to shop, and just want to get in, grab their groceries, and get out. Consequently, they are less conscious of price. Second, don't…

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