written the book on this. it s called the invisible game the secrets and the science of winning minds and winning deals. kai markus mueller, a real pleasure having you on this show. and kai, let s start with this. what are some of the tips and tricks that retailers use? well, there is a wealth of them in consumer psychology. but i ll tell you a few of them. a very, very, very strong component is, for example, the default effect. so, for example, if you have a subscription, it renews by default and we have trouble thinking about the renewal, wejust let it go. then there are things like red signs for discounts. people have learned these things over and over that red signs give you pleasure. people believe that they get a good deal despite the fact that they are actually playing a game that is set by the company
expensive food habits. well, on that point, kona lasker haque, my friend. a real pleasure having you on the show, as always, and, kona, i ll talk to you soon. thank you so much. so there you go, that s the start of how prices get set. but how much does psychology play in the price that we pay for our shopping? well, my next guest has literally written the book on this. it s called the invisible game the secrets and the science of winning minds and winning deals. kai markus mueller, a real pleasure having you on this show. what are some of the tips and tricks that retailers use? well, there is a wealth of them in consumer psychology. but i ll tell you a few of them. a very, very, very strong component is, for example, the default effect. so, for example, if you have a subscription, it renews by default and we have trouble thinking about the renewal, wejust let it go. then there are things like red signs for discounts. people have learned these things over and over that red signs give yo
and christel, i m just wondering, are your members, the retailers, are they reporting the changes, any big changes in consumer behaviour due to the cost of living crisis? yes, indeed, consumer behaviour has changed quite significantly and it has changed across the board. they re favouring long shelf life products like rice and pasta, they re looking out for promotions and they stock up when buying and promotions. they re looking for cheaper brands, some more budget line products, more private labels. they re investing a lot to help consumers and to cushion them from the worst of the crisis and and inflation, the high prices. and, christel, what are your retailers saying about the outlook for prices? i mean, are more rises to come, do you think? well, the situation is still very uncertain.
and christel, i m just wondering, are your members, the retailers, are they reporting the changes, any big changes in consumer behaviour due to the cost of living crisis? yes, indeed, consumer behaviour has changed quite significantly and it has changed across the board. they re favouring long shelf life products like rice and pasta, they re looking out for promotions and they stock up when buying and promotions. they re looking for cheaper brands, some more budget line products, more private labels. they re investing a lot to help consumers and to cushion them from the worst of the crisis and and inflation, the high the high prices. and, christel, what are your retailers saying about the outlook for prices? i mean, are more rises to come, do you think? well, the situation is still very uncertain.
that s the start of how prices get set. but how much does psychology play in the price that we pay for our shopping? well, my next guest has literally written the book on this. it s called the invisible game the secrets and the science of winning minds and winning deals. kai markus mueller, a real pleasure having you on this show. and kai, let s start with this. what are some of the tips and tricks that retailers use? well, there is a wealth of them in consumer psychology. but i ll tell you a few of them. a very, very, very strong component is, for example, the default effect. so, for example, if you have a subscription, it renews by default and we have trouble thinking about the renewal, wejust let it go. then there are things like read signs for discounts. people have learned these things over and over that read signs give you pleasure.