Earlier this week I discussed the book Predictably Irrational. I suspect the author Dan Ariely would appreciate the approach I took, using my own examples instead of just repeating anecdotes from his book. Today, being Frugal Friday, I’d like to offer one example appropriate for today. Last week, my wife, daughter and I were in the car, and I brought up the concept of anchoring, setting up a price that becomes the price in the consumer’s mind to move up or down from. I asked my daughter what she thought of an item that was $50 on sale from $100. She thought it was a great deal, ready to spend her money on it. But wait, Jane, I never even told you what the item was, do you see how silly this is? What if this was a chain saw or anything else you have no use for? Hmmm…..
Let’s see. It didn’t take long for such an item to come to my attention, not 50% off but 63%! This was one of eBay’s daily deals. I suggest you sign up, but then control yourself. Some of those deals really are great, others, not so much. One better view of what this Professional Hot Dog Griller does. (I guess I’m just an amateur)
I must admit, the machine looks great, and Waring makes products that last. When I mentioned this item to both the ladies in my life their reaction was “You didn’t buy it, did you?” There’s something about the single function items that make it tough to justify. The bread machine? Paid for itself in money saved compared to buying loaves of bread, and in the fun in trying so many different recipes. The Panini press? It was my reaction to my family dropping $20 for sandwiches I can make at home for half that with the press. What do you think? Do you buy some things just because they’re half off and then realize it still wasn’t worth it? Is your kitchen full of one trick appliances? You still use your showtime rotisserie?