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#626 - Richard Shotton - 8 Psychology Hacks Behind The World’s Biggest Businesses
Modern Wisdom
Introducing a high-end item can shift consumer behavior
When a high-end item is introduced alongside basic and cheap options, people's preference shifts towards the expensive item. This finding, called extremis of urgent, suggests that consumers tend to pick the middle option as they fear the cheapest option will be tacky and the most expensive option will be over-engineered. This phenomenon has been observed with various products and can significantly impact people's willingness to pay.
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