Whenever I have to buy a new toothbrush I stand in front of the toothbrush shelves at the supermarket for about 5 minutes. My internal monologue is achingly mundane: Oooooh, $10 for a toothbrush is a bit much! I wonder what’s on special? Ok, $6.95, that’s better. But I prefer the blue one at $8.95…..
It’s a disgustingly intense dialogue for such a simple thing. I should just buy the $8.95 one – after all, I have no problem in spending $9 for a glass of wine at a bar, and that only lasts a few minutes. On the other hand, a toothbrush lasts for a lot longer than that and is pretty critical in providing me with important dental benefits.
There are other examples. For instance, I’m quite happy to spend $40 on a nice dinner, but it’s more painful for me to spend $40 on a book. Yet the book lasts longer and I can share it with others!
I’ve identified the factors that affect my pricing illogicalities:
- Current financial situation
- How much it costs to make the item or provide the service
- Personal taste and priorities (obviously I like food and wine)
- What else could I be spending the same value on
- Is it something I can enjoy with friends (eg dinner, a concert)
- Conditioning by the market and my own experiences
- How far the item will get me (physically or otherwise)
- Whether I could get it somewhere else do it myself for a lot cheaper
- Will I have anything tangible or amazing memories at the end
- How unique the item/experience is
- How long the experience will last for
I’m interested to hear….what items/services/experiences make you think twice before you buy, and why? What is your toothbrush?