Anchoring Effect and Its Influence on Consumer Behavior
If you are interested in marketing and consumer psychology, you have probably heard of the anchoring effect. In simple terms, the first price, number, or information we see creates a reference point in our minds. Without realizing it, we evaluate later options based on this first piece of information. It’s like our brain sets an “anchor,” and our decisions are shaped around it.
Anchoring Effect in Daily Life
We experience this effect in stores, markets, and restaurants all the time. For example, when you see a price tag saying, "500 TL, now only 250 TL!", even if you don’t know the real value of the product, you assume that 250 TL is a big discount because you see 500 TL as a reference. Similarly, when you go to a restaurant and see a steak priced at 1000 TL, a burger for 400 TL suddenly seems reasonable—even though 400 TL is still quite expensive!
Daniel Kahneman and the Anchoring Effect
Famous psychologist Daniel Kahneman conducted experiments that show how powerful this effect is. In one experiment, participants were asked to spin a wheel that randomly stopped at a number (for example, 10 or 65). After that, they were asked to estimate the percentage of African countries in the United Nations. Surprisingly, those who saw a higher number on the wheel gave higher estimates, while those who saw a lower number guessed much lower percentages. This shows that even an unrelated number can influence our decisions!
How Marketers Use the Anchoring Effect
Companies understand this effect very well and use it to influence consumer choices. Here are some common techniques:
Setting a reference price: By showing the "original price" or "competitor prices," discounts appear more attractive. For example, "This laptop was 30,000 TL, but today it's only 22,500 TL!" Even though 22,500 TL is still high, it feels like a good deal compared to 30,000 TL.
Offering expensive options first: Luxury restaurants often list very expensive dishes at the top of the menu. After seeing those prices, other items seem more affordable.
Highlighting limited stock or time: Phrases like "Only 5 left!" or "This price is valid for today only!" strengthen the anchoring effect and push consumers to make quick decisions.
Can You Avoid the Anchoring Effect?
It’s difficult to avoid completely, but you can make more conscious decisions by using these strategies:
Don’t trust the first price immediately. Research the real value of the product and compare prices from different sources.
Give yourself time. Don’t rush into buying something just because of a discount—think about whether you really need it.
Check alternatives. Don’t just look at the options given by the seller; explore other possibilities too.
Conclusion
The anchoring effect is a powerful psychological mechanism that influences our decisions without us realizing it. Marketers use this effect skillfully to their advantage. However, if you become a more aware consumer, you can recognize these tactics and make smarter choices. Next time you shop, ask yourself: Are you buying this because you really need it, or because an anchor was set in your mind?