Value is in the eye of the beholder. But what influences the beholder in their perceptions? This infographic looks at the psychology behind our perceptions, noting trends, marketing practices and differing generational attitudes. Including:
- How lobster went from prison food (at one time fetching $0.11/lb) to fine dining
- How ‘ancient grains’ got pricey
- How we experience more pleasure from a wine we’re told costs more
Since price positively influences perceptions of quality, and inversely influences perceptions of value, how do sellers of mundane products use history, story, exclusivity, and implied scarcity to change our appetites? Read on to find out a little more about the Perception of Value...