information:highlighting
Consumer behavior

The study Beyond Reference Pricing: Understanding Consumers' Encounters with Unexpected Prices (2003), indicated that when consumers experience an unexpected price encounter, they adopt three methods to reduce cognitive dissonance: (i) Employ a strategy of continual information; (ii) Employ a change in attitude; and (iii) Engage in minimisation. Consumers employ the strategy of continual information by engaging in bias and searching for information that supports prior beliefs. Consumers might search for information about other retailers and substitute products consistent with their beliefs. Alternatively, consumers might change attitude, such as re-evaluating price in relation to external reference-prices or associating high prices and low prices with quality. Minimisation reduces the importance of the elements of the dissonance; consumers tend to minimise the importance of money, and thus of shopping around, saving, and finding a better deal.