Are 1-endings the new 9-endings? An alternative for generating price discount perceptions |
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| Institution: | 1. School of Management, Sabanci University, Orhanli-Tuzla, Istanbul, Turkey;2. Koç University Rumeli Feneri Yolu, Sariyer, Istanbul, Turkey;3. School of Management, Sabanci UniversityOrhanli-Tuzla, 34956, Istanbul, Turkey;1. Department of Marketing, NEOMA Business School, Reims, France;2. Department of Marketing, David Eccles School of Business, University of Utah, Salt Lake City, UT, USA;3. Department of Marketing, School of Business, University of Kansas, Lawrence, KS, USA;1. Carthage Business School, University of Tunis Carthage, Tunis, Tunisia;2. Marketing Department, College of Business Administration, King Saud University, Riyadh, 12372 , Saudi Arabia;3. ISEG – Lisbon School of Economics and Management, Universidade de Lisboa, Rua do Quelhas 6, 1200-781, Lisbon, Portugal;4. Birmingham Business School, Birmingham University, Edgbaston Park Road, Birmingham, B15 2TY, United Kingdom;5. University of Sheffield Management School, Western Bank, Sheffield, S10 2TN, United Kingdom;6. Carroll School of Management, Boston College, Chestnut Hill, MA, 02467, USA;1. Univ Rennes, CNRS, CREM – UMR 6211, 11 rue Jean Macé, CS 70803, 35708, Rennes Cedex 7, France;2. Univ Rennes, CNRS, CREM – UMR 6211, 11 rue Jean Macé, CS 70803, 35708, Rennes Cedex 7, France;3. Rennes School of Business, 2 rue Robert d''Arbrissel, 35065 Rennes, France;4. University Paris Dauphine-PSL, DRM MOST – UMR CNRS 7088, Place du Maréchal de Lattre de Tassigny, 75775, Paris Cedex 16, France;1. School of Business, Changshu Institute of Technology, Changshu, Jiangsu, 215500, China;2. School of Management, Fudan University, Shanghai, 200433, China;3. School of Management, Shanghai University, Shanghai, 200444, China |
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| Abstract: | Although extant literature confirms the efficacy of 9-endings, how consumers perceive multi-digit prices with repeating identical ending digits such as $1999 is less clear. Research indicates that consumers tend to truncate 9-ending prices and associate them with discounts. Five experiments demonstrate, however, that consumers are likely to perceive multi-digit prices with 1-endings (e.g., $2111) as being more on a discount than prices with 9-endings (e.g., $1999). Moreover, a year-long field study shows that 1-ending (vs. 9-ending) prices receive more click-through rates when presented in online ads. These novel findings inform retailers on how they can generate higher discount perceptions by using 1-endings rather than 9-endings in multi-digit prices. |
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| Keywords: | 9-Ending prices Discounts Multi-digit prices Digit-chunking Left-digit bias |
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