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Are Teens Willing to Pay More for Their Preferred Goods?

Johnson Jr. et al. | Sep 28, 2019

Are Teens Willing to Pay More for Their Preferred Goods?

Each day we are flooded with new items that promise us a better experience at a better price. This forces buyers to continuously chose between sticking to what they know, or trying something new. In turn, companies need to be aware of the factors affecting consumer choices, that too within the different fractions of society. In this study the authors investigate the effect of survey-based price setting on profits made based on African American teen purchases, and how African-American teen loyalty to a particular brand affects their willingness to pay a higher price than the market average for their preferred brand items.

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