Have you ever been shopping and saw an item on sale with a steep discount and thought “Wow, I can’t pass up this deal even though I may not have an immediate need for it”? Well, a clever marketing person that understands buyer psychology used your anchoring bias to affect your buying decision.
Psychologists have found that consumers rely heavily on the very first number they see. As a consumer, this can have a serious impact on the decisions that you make. From a seller’s perspective, this is a way to use the discounted price of a crossed-out list price, which is often higher and unrealistic, to trigger your cognitive bias, known more specifically as the anchoring bias or anchoring effect.