Although much attention has been paid to recall of a single price, research is lacking in understanding the process of how consumers estimate the total price of a shopping basket. Drawing on research on numeric cognition, memory processes, and mental accounting, we show in five studies that the accuracy of total price estimation as well as the timing of such estimation is systematically influenced by several factors. We find that the length (in syllables) of the prices in the basket and the attention that consumers pay to the prices influence the accuracy of the calculation of the total basket price. Furthermore, our studies also show that the timing of the calculation is influenced by the nature of the items in the basket (i.e., unrelated vs. complementary items).
ASJC Scopus subject areas
- Applied Psychology