Research on reference prices has found that "unpleasant surprises"-when perceived price is lower than the stated price-can have a greater impact on purchase likelihood than pleasant surprises.

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Research has shown that unpleasant surprises, when the perceived price is lower than the stated price, can have a greater impact on purchase likelihood than pleasant surprises. This is because consumers are more likely to be disappointed by a higher price than they are to be pleased by a lower price.

Research on Reference Prices Has Found That "Unpleasant Surprises"-When Perceived