In Jonathan Lim’s post, he touches on the relationship of prices and quality and I agree with most of the points he has stated. However, Jonathan had not considered the other side of the coin – why do consumers choose to purchase cheaper goods even if they are financially stable?
A vast majority of consumers do so in order to save a few bucks. The less they spend on one product, the more they can spend on another bigger purchase – there is an opportunity cost. Why should a consumer spend more money on a product that serves the same purpose as another? Many consumers purchase the more expensive product due to the product’s “high quality” and the influence of its brand name. As Jonathan pointed out, this is a huge mistake. The quality of a product should not be defined by its price.
No, really – what’s the difference between these two? They’re practically the same bloody thing!
Personally, I tend to purchase cheaper products. With a stable income (of monthly allowance), I try not to go over the top with spending. I tend to stay away from expensive name brands because most of the time, I cannot conjure an adequate response to a few questions I’ve thought of:
- How will the product with a higher brand value than the next one on the shelf differ? Is there a difference?
- Other than its brand value, is this purchase worth it?
- Do I really need such a high-valued item?
I can assure you, I am not the only one with this mindset. Many of my friends choose not to purchase the more expensive product, even if they are aware of the production costs – it is simply too expensive for our wallets. Quality should not be defined by the low or high prices, but rather the materials used for the production of the good.