Folksy Ltd

How do you feel about prices ending .95?

After doing my tax return and looking at my sales / profits it is clear I need to put up my prices!
I just wondered how you all feel about prices ending in 95?
Do you feel it;s a bit of a con or do you think £2.95 sounds less than £3.00.
Maybe you think £3.00 sounds more ‘quality’ I’d really love some feedback. I have built a bit of momentum on here and don’t want to put potential customers off!
Thanks x

My brain automatically rounds prices up to the nearest pound so to me £2.95, £2.99 and £3 are the same thing, I also tend to look at the total price (ie including postage) so you could go up to £3.25 as once I’ve added on postage all those prices come to £4 ish to my brain. For some reason I find prices ending in .99 objectionable as it feels like they are trying to sneak it in under the next pound bracket but I don’t have an issue with .95.
I’ve got my prices as round numbers as I do a lot of craft fairs and don’t want to have to keep finding change - I kept my prices the same for here and it doesn’t seem to have put anyone off.
Hopefully those ramblings are useful.
Sasha

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I sell through the Country Markets and prices have to end in a Zero (makes it much easier giving change).
As I refuse to have 2 separate prices for my stuff I stick to that for my own events and online.
I would always price at £3.00 and never at £2.95. It makes not the slightest difference to the potential purchaser.

Hi Emma for me if i’m buying it really doesn’t matter if it ends in a 5, 9 or 0 I know there may be buyers who think ah that’s a penny less than 3.00 bargain :smiley: but me personally it doesn’t matter, now where did i put that penny :wink:

I was once told that .95 or .99 prices makes your items look cheap and people looking for quality prefer .00 or .50 . Don’t know how much truth there is in that but I keep to round numbers for the same reason as Joy @JOYSofGLASS - makes it much easier when at craft fairs.

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I don’t have a problem with .95’s or .95’s, but for my own items I do like to round up to the pound. It gives me a bit of a dilemma though when the item value is £13! Strange though, I’m not normally superstitious but think I’ve hedged my bets at £12.99 when this has been the case, lol.

That was meant to be .95’s and .99’s sorry, not sure how to edit my post!

In retail, we used to find that mistakes in your books were much easier to spot if odd numbers are used rather than round pounds, and that’s why things were priced at 99p instead of a pound. Whole figures also make pilfering easier for a dishonest cashier! So it wasn’t only a ploy to make the prices look cheaper, although that came into it as well!
Nowadays I think round pounds are much neater, although I still use £5.99 for my hearts because I have been selling them for so long!

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When shopping in a supermarket/ big chain, I fall into the “oh it’s less than £x” trap. But that’s because Im after a bargain because I know they’ve payed a lot less for it and are making lots of profit.

When I buy handmade, although I’m on a tight budget, the extra 5p wouldn’t make a difference if it meant having a round figure. I think people pay more attention when they buy handmade, or, I’d like to think so anyway. I think people can make easier sense of what a total will come to with round figures.

For me I always use to the nearest pound or for smaller items .50. This is from when I first started off, doing craft fairs, because it is much easier for giving change. I agree with some of the comments. I think ending in .95 or .99 makes me question the quality (don’t know why) particularly .99. However they do say, psychologically it makes us think things are cheaper (but to me this then goes back to the question of do we want our bespoke, handmade products to look like a bargain?). Plus, like mentioned in another comment, I always round it up in my head anyway, so I would think £3.00, not £2.95 or £2.99! :slight_smile:

I’m not keen on the £.90 or £.95 or £.99 for handmade items. I use £.50 for small items and that’s rare. I think that’s ok. Psychologically the item looks cheaper but it might not do my work any favour if customers think of the word ‘cheap’ more than the word ‘value’.

Thanks for all your thoughts.
I too hope 5p wouldn’t make much difference but I feel the pressure with so many cheap cards out there.
However it’s time to bite the bullet and raise my prices. At the end of the day my cards are made to order and personalised, so I hope with that and the care I put in to them they are worth £3.00 !!
Thanks for taking the time to reply. It’s given me the confidence I needed!!
Love the forums!
Emma x

Just had a look at your cards, there lovely, need to pop back later and buy some for my stock cupboard when I have more time :blush:

Thank you Sue that’s very sweet of you :blush:

On a auction site that is un named they always usto say it catches buyers if u did 95, 99 as its not as much as 00 even if its a penny in it.

But I usually keep it to 00 or 50 just so its easier when buyers add up how much it might come to. Silly really but that’s my train of thought. :blush: