📘 Part 3: Consumer behaviour

This episode's vocabulary

A common denominator (noun) - something that is the same for all the members of a group and might bring them together.

To compromise (verb) - to accept that you will reduce your demands or change your opinion in order to reach an agreement with someone.

Buck (noun) - a dollar.

To wind up (phrasal verb) - to find yourself in an unexpected and usually unpleasant situation, especially as a result of what you do.

To part (verb) - to separate or cause something or someone to separate.

Repeat customer (noun) - someone who buys again from a company that they have used before.

To display (verb) - to arrange something or a collection of things so that it can be seen by the public.

Endorphin (noun) - a chemical naturally, released in the brain to reduce pain, that in large amounts can make you feel relaxed or full of energy.

To rule something or someone out (phrasal verb) - to decide or say officially that something is impossible or will not happen, or that something or someone is not suitable.

Appetite (noun) - the feeling of wanting or needing something.

Questions and Answers

M: Are money issues the only reason that people like to buy cheap things?

R: I mean, that's the common denominator, I suppose. I can't see any other reason why they might want to. Unless they could prove the cheaper product was in some way the same or better than something more expensive.

M: Is there any possible negative side or danger linked to always putting low prices first and not considering other things like quality or ethical aspects?

R: In terms of safety? Absolutely. If you compromise how safe a product is just to make a quick buck, not only could you wind up parting your potential repeat customers, but also end up with a massive lawsuit on your hands. I think that happened to a lot of companies who put lead in their products, actually.

M: And do you think that cheap products are usually of lower quality than more expensive products?

R: Well, I mean, logically, yes, because if you spend less on them, then the price should be lower.

M: And the quality is lower?

R: Yes, because you've spent less on the material. I mean, this is, this is the market logic. Whether that's actually true or not, it seems unlikely, but the opposite might be true. I don't know.

M: In what ways do people mostly learn about discounts, sales or bargains?

R: Probably from the signage around the place with the sale on. Unless it's an online store, then the information could be displayed throughout the process of shopping on the website.

M: Could the chase for low prices become an obsession or addiction for some people?

R: I'm not sure about that, to be honest. Most things people are addicted to require some sort of consumption to trigger a release of endorphins and just buying things for the lowest price is unlikely to be enough for that to happen. It's like really abstract. Still, you see all kinds of extreme behaviour these days, so I wouldn't rule it out entirely.

M: And what about the future? Do you think that people will buy more cheap things?

R: I mean, if there are more people and the population is increasing, then yes, in absolute terms, there will be more people with individual appetites. So yes, people will be buying more cheap things. But of course, if there are fewer people in the future, then people will buy fewer cheap things because there's less of a need.

M: Hey! Thank you, Rory, for your answers!