My Two Cents: Paying More

My Two Cents: Sometimes a higher price is a sign of better quality. Other times it's better marketing.

We’ve all heard that you have to pay more for better quality. This is sometimes true, but not always. Some brands set higher prices to cover the costs of research and testing that it took to make their products great. Others raise their prices to create an aura of exclusivity that they know their customers want. Then there are brands with less unique products that raise prices mainly to cover their marketing costs – TV ads in the middle of a big game aren’t cheap!

So Many Ads!!!

Brands know that the more you see their ads and their message, the more familiar they will become for you – like a friend. When this happens our minds can play tricks on us and we assume we really like the brand, even if we haven’t yet tried it. And this is why we end up seeing ads over and over again.

Chefs and Doctors are Buying Generics

According to an NPR article on an economic study, it turns out that experts in their fields, chefs and doctors, are more likely to buy generic products than the general public. Good thing to keep in mind when reaching for brand name cold medicine! I’ve been buying a lot of these products in generic and it’s amazing how much you can save! I really like the dollar store for cold medicines 🙂 And because federal regulations require that medicines and many of the products we consume meet certain standards, I feel ok about it.

Next time you’re shopping for just about anything, consider store brands, or generics, and other lower priced brands. If you’re unsure about how an item compares, check online reviews or just do your own trial run.

Generics / Store Brands are EVERYWHERE!

Generics aren’t just for food and medicine either. Retailers like luxury department stores, local warehouse clubs, home improvement stores and dollar stores offer their own store branded products. Take a look next time you’re out shopping. You may be surprised how much you can save and still look great, eat great and feel great for less money.

My Two Cents on Paying More

Sometimes you pay more for better quality. Sometimes you pay more for better marketing.