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Price placebo effect in hedonic consumption

Authors
Kim, DongHeeJang, SooCheong (Shawn)
Issue Date
Dec-2013
Publisher
Pergamon Press
Keywords
Consumer perceived quality; Income source; Luxury café; Prestige sensitivity; Price placebo effect; Price-quality schema
Citation
International Journal of Hospitality Management, v.35, pp 306 - 315
Pages
10
Journal Title
International Journal of Hospitality Management
Volume
35
Start Page
306
End Page
315
URI
https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/147400
DOI
10.1016/j.ijhm.2013.07.004
ISSN
0278-4319
1873-4693
Abstract
Given the widespread use of premium pricing strategies as a marketing practice, how consumers evaluate premium pricing actions is an interesting issue for both marketing researchers and practitioners. Thus, the objective of this study was to examine perceptions of premium prices and the role of prices, which act as a cue that improves consumers' experiences in an upscale cafe setting. Indeed, the results indicated that both price-quality schema and prestige sensitivity were significant factors that induce a positive overall perception of quality at luxury cafes, including coffee, service, and atmosphere. Thus, this study evidences that a price placebo effect exists in hedonic consumption settings. To better understand consumers' mental accounting based on their income source, the study examined the moderating effect of the origin of the respondents' income as well. The results revealed that the price tag generates positive consumer responses to cafe quality. (C) 2013 Elsevier Ltd. All rights reserved.
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문과대학 (문화관광외식학부)
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