Perception of Value Data Graphic

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Guest Post by Jeanna Heeraman

There are many influences behind perception, one of the biggest being psychological. Looking at different attitudes, marketing practice, notable trends and many more, these can all have an impact on an individual’s perception. For example, Lobster used to be seen as a food for the poor, being fed to prisoners. Over time, this perception has completed changed. The price of lobster has dramatically increased and it is now seen as a luxury.

Healthy food is something that is very on trend at the moment. Particularly focusing on ‘Ancient Grains’. These are grains that have been consumed over many centuries. In 2013, we saw an increase in Kamut wheat by a huge 686% while sales in Barley and wheat have declined. The main reason the sales of ‘ancient grains’ have boomed is because they are associated with “health” and “simplicity”. As a staple in the Aztec diet, they have a good history to them and also exotic cultural ties, which make them more appealing.

With the rise in technological developments, it has allowed more people to access music at the press of a button. This is suggested to have slowly led to a decrease in the perceived value of music. Being able to buy a full album with ease of use from iTunes has simplified the whole process of obtaining music. This has been a huge factor in the decline of tangible albums. Sales in CD’s have dropped from 136.4 million in 2009 to just 62.9 million. Sites such as YouTube and Spotify have encouraged the decline in perceived value of music.

Whilst the rate in sales of CD’s may be in decline, the price of concerts has risen dramatically. Through the use of social media, fans are able to gain an insight into the lives of their musical idols. They can browse and interact with their favourite bands and singers, which maybe mean that consumers are assigning more value to the actual band, rather than their physical albums.

Although the price of many products has increased, consumers are often willing to pay more. Products have become easier to source, arrive quickly, and have a lower cost of ownership. In some cases the consumer will be more interested in buying higher priced products because of the prestige and image they bring.

To learn more about the perception of values take a look at the data graphic below by vouchercloud.

Image via flickr