15 Consumerism Scams That Trick You Into Spending Money

Companies use a wide variety of psychological tricks to get you to spend money without you noticing. In this video, I expose 15 of these scams.



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Chapters:

00:00 Start Here
01:06 Dropping The Dollar Sign
01:43 Adding An Expensive Item On The Menu
02:27 Listing Highest Prices On The Top Of The Menu
03:18 Tiny Price Differences Between Larger Sizes
04:42 Shinkflation
05:36 Giant Grocery Carts
06:20 The Number 9 Trick
06:45 Random Price Numbers
07:45 Outlet Malls
08:30 Decoy Price Tags
09:08 Store Credit Cards
10:01 Fake Online Product Reviews
11:22 One Click Checkout
11:55 Buy Now Pay Later
12:56 Subscription Services


Companies go to great lengths to trick you into spending money without you noticing. In this video, I share 15 common tricks used to get you to spend more money.


1. Dropping The Dollar Sign

In most full service restaurants nowadays, they do not use dollar signs on their menu. And this is because when you see an amount without a dollar sign, it makes the price seem more friendly, making you focus on the experience rather than the price.

2. Adding An Expensive Item On The Menu

Many restaurants will add one item on the menu that is a lot more expensive than the other items to make the other items seem less in comparison.

3. Listing Highest Prices On The Top Of The Menu

Many self service restaurants will make their menus have the most expensive items on top and the cheaper items at the bottom. And this is because we always read from top to bottom, so we'll make our decision at the top where the items are more expensive before reaching the bottom.

4. Tiny Price Differences Between Larger Sizes

Oftentimes when you get a drink or a small item, the price difference between a small and a large is not that much and this is because restaurants can get customers to spend a dollar more by getting a larger size.

5. Shinkflation

Instead of raising prices, companies are lowering the size of their products, which is called "Shrinkflation." This is because customers are more focused on price rather than weight of the product.

6. Giant Grocery Carts

Grocery stores use giant grocery carts rather than small sized because the giant ones can fit more things in them and you don't notice when you have a bunch of things in them. This makes you spend more money without you realizing.

7. The Number 9 Trick

Grocery stores often use the number 9 at the end of the price to trick customers into thinking they are paying one dollar less for the products.

8. Random Price Numbers

Companies like Walmart will use random price numbers rather than the "9 trick" because it makes you think it is the cheapest price for the item and not want to compare prices as much.

9. Outlet Malls

Outlet malls are often located in really rural areas far from the cities. The reason they do this is because since it requires more effort to get to the store, people view it as more of an experience and spend more money.

10. Decoy Price Tags

Especially at outlet mall, they will use price tags that are three times what the real price is to make you think that you are getting a good deal.

11. Store Credit Cards

Most retail stores have their own credit card that offer discounts and benefits for their members; however, these cards are designed to get you to spend more at the store and shop specifically at the store.

12. Fake Online Product Reviews

Most online reviews are fake and written by AI to convince you that a product is good and you should buy the product.

13. One Click Checkout

Often in online shopping, you can save your card and address information and place orders with just a click of a button. This is designed to take away the feeling that you are spending money, which makes you spend more.

14. Buy Now Pay Later

Overtime, credit keeps changing names and the newest form of credit is buy now, pay later where you can buy a product and pay it off in payments. Companies offer this because their know people don't have the money to buy it, but if given the option to purchase on credit, they'll do it.

15. Subscription Services

Ownership is quickly becoming a thing of the past where instead of buying something, you subscribe to a service. This is because it is a never ending stream of revenue for companies because the payments never stop.


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