Let's splash out? Wine not?
Next time you have a glass of house wine, stop and imagine it is a premium drop with an equally premium price tag. You might be able to trick yourself into thinking the drink tastes better. Academics have discovered that wine tastes better if drinkers simply think it is more expensive. The Evolved Primate blog by Daniel Hawes at Psychology Today wrote about an experiment in which tasters "systematically reported superior taste" for wine out of a $90 bottle in contrast to wine out of a $10 bottle - despite the two wines being the same. Pleasure centres in the brain lit up more with the "more expensive" wine as well.
Refilling an expensive bottle with cheap wine could be an inexpensive way to increase guests' enjoyment at a diner party.
Pricing tricks include the classic "99 price point"
It is not only the price of wine that can trick us. eZonomics explained the 99 price point last year, showing how ending prices in .99 can make people think an item is on sale for less. Research from the United States has also claimed the word "two" made people think of larger sizes (because of the "o" sound), while the "ee" of "three" seemed smaller. Apparently marketers could use the perceived difference to make discounts appear bigger than they actually are.