How often do you see items ubiquitously priced in retail outlets for Rs 199/-? Is Rs 199 so much better than Rs 200/- . Amazing on how such a psychology of pricing can attract more consumers to purchase the product. How often do you get an Éclair instead of the change of Rs 1/-?. Other tricks deployed by retail outlets are “Buy one get one free” and “Second half priced”. The perception of discounts is too tempting to resist for the consumers. It is not the “need” factor but the “save” or “affordability” factor which drives the purchasing of the new generation. New strategies are being deployed by retail outlets to sell mainly targeted for the new generation. A more recent one is to unbundle the items. e.g. get a mediclaim for as little as Rs 9.95 per day.
Unlike the old generation which were driven by the “need” factor, the new generation weighs all consumables by the “afford” factor. Credit cards have now-a-days become a necessary evil, elusively adding to the “affordability” power of the individual. While probably this new generation perception of consumerism is good for the global economy and employment growth, it also creates uncalled inflation and unsustainable bubbles.
Needs and wants are different for different people. It’s up-to us to decide what they are and zero down on the needs first. While we should budget for the needs in our everyday life, the wants should be chugged only if there is enough capital to spare.
It would be equivalent to a sin to dry out your liquid capital with some unnecessary wants.Remember, every rupee spend loses with it an opportunity to invest it.
Make budgeted expense and always try to spend only on what is needed rather than what you would want to have.
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