The tactic of shops ending prices with 99p is nothing new, but a study has found it's as effective as ever in getting shoppers to part with their cash. So why is one of the oldest tricks in the retail trade hard to resist?
In terms of familiar retail ruses employed to entice shoppers to part with their money, ending price tags with 99p, rather than rounding up to the full pound, is right up there with buy one, get one free promotions and half-price offers.
But according to a French study the phenomenon still swings a considerable number of shoppers. Researchers found that lowering the price of a pizza from 8.00 euros to 7.99 euros boosted sales by 15%.
For consumers, the saving is minimal and the copper coins they receive as change when paying with a note seem to be more of a hassle than a benefit - in 2005, Britons discarded or stashed away £133m in unwanted coppers, according to Virgin Money.
So if shoppers aren't concerned about saving mere pennies these days, why are they falling for the 99p effect?
Emotional difference
One theory is consumers just aren't up to the maths. Dr Jane Price, lecturer in psychology at the University of Glamorgan, says we "tend to put numbers in categories like 'under £5' or 'under £6' - rather than them representing a value. Shoppers are aware of what is going on, but don't respond to it because they don't think logically about how close numbers are - such as £99.99 and £100."
She thinks shoppers tend to focus on the big denomination - which the pound sign draws the eye to - rather than the smaller denomination: the pence. There is also the emotional incentive - people like to feel they are getting better value for money.
Robert Schindler, professor of marketing at Rutgers Business School in the US, has published several papers on the "99 effect". He expresses it slightly differently, observing that people overweigh the left hand number.
"When a price changes from $30 to $29.99, the change from three to two makes more of a difference than the value of that money could predict," says Mr Schindler. "It is like when a 39-year-old turns 40, the birthday feels like a big deal. Or when 1999 ends and 2000 starts. It feels like an emotional difference."
Discount associations
It's sometimes suggested the "99 effect" was adopted as a control on employee theft - cashiers had to open the till for change, reducing the chances of them pocketing the bill.
But Mr Schindler thinks it has a different origin. It was introduced for sale items, to emphasise the discount.
"I studied adverts in the New York Times from 1850 - where there were no 99 endings - to the 1870s and 1880s where they started to appear. Although department stores were doing it - which would fit with the cash register hypothesis - they were advertising discounts. But for the regular price they would use a round number," he says.
He thinks the retail practice developed from there, to communicate discount or the impression that things are on sale - even when they are not.
But it is a subtle effect, which works when consumers are susceptible to price sensitivities and are making a snap decision, rather than deliberating over big items like cars and houses. And high end brands which exude a classy image tend not to use the tactic.
Pressure on income
Nick Gladding of Verdict Research, is sceptical shoppers are fooled by the "99p effect". However, in these more straitened times, even tiny adjustments in price can be enough to win over hard up consumers.
"We are seeing fuel prices going up and down by 1p - it is a tiny amount of money, but people want to hear about it," he says.
So are there any other numbers that the unsuspecting shopper should be aware of?
A .95 ending is also popular, observed Mr Schindler, although anyone shopping in Asia might be struck by how prices often end in .88. The reason? Eight is an auspicious number in countries such as Japan, Hong Kong and mainland China.
Showing posts with label cash. Show all posts
Showing posts with label cash. Show all posts
Monday, 28 July 2008
Saturday, 26 July 2008
Flush With Cash, More Asian Tourists Flock to Japan
SHIRETOKO NATIONAL PARK, Japan — Once prohibitively expensive, Japan is suddenly drawing soaring numbers of Asian tourists who splurge at the nation’s department stores, lounge in its hot spring resorts or explore remote corners, like this stretch of pristine mountains and forests on Japan’s northernmost tip.
While a boon for Japan’s faltering tourism industry, the new tourists are also a sign of larger economic changes in one of the world’s most dynamic regions.
Japan itself was once known for its free-spending tourists, who flocked to boutiques from Hong Kong to Fifth Avenue. But as Japan’s economy stalled for the last dozen or so years, rapid development in countries like China and South Korea raised living standards there.
Those countries are now catching up with slow-growing Japan, long the region’s dominant economic power. Indeed, Japan’s dwindling, but still potent, lead in technology is a major draw for Asian tourists, who are as likely to visit a Toyota car factory as a Zen temple.
At the same time, there has been a decline in the number of people going abroad from Japan. The number of Japanese traveling abroad has fallen 3 percent from the peak in 2000 of 17.8 million, the government-run Japan National Tourist Organization said.
The decline was particularly pronounced among Japanese in their 20s, whose trips abroad fell to 2.8 million last year, down 40 percent from a decade ago. Officials from the tourist group attributed the drop among the young Japanese to falling wages and more modest lifestyles.
By contrast, the number of visitors to Japan from South Korea, Taiwan, China and Hong Kong almost doubled last year from five years earlier, to 5.36 million, according to the tourist group. Those four regions alone accounted for nearly two-thirds of all foreign visitors to Japan last year, the organization said.
But far from being concerned about yet another sign of their nation’s declining status, many Japanese seem to embrace this change. The government helped open the gates five years ago by waiving visa requirements for tourists from Taiwan and South Korea.
Asian visitors are now regarded by a growing number of Japanese as a financial shot in the arm for Japan, whose vitality has been sapped by economic maturity and an aging population.
“Asia has closed the gap in economic power,” said Yukiko Fukagawa, an economics and politics professor at Waseda University in Tokyo. “And Japan is slowly realizing that maybe this is not such a bad thing.”
In the Ginza shopping district of Tokyo, the excitement these days is all about the large numbers of rich Asian tourists, most from China. This has pushed stores to begin hiring Chinese-speaking clerks and keep stacks of Chinese bills by cash registers.
At the marble-columned Mitsukoshi department store, one of Tokyo’s fanciest stores, wealthy Chinese buy Japanese and European-brand clothes and handbags by the dozen, and spend hundreds of thousands of dollars, apparently on a whim, for a watch or painting in the store, said Shoji Saito, manager of overseas-related business.
Mr. Saito said the store had not experienced such big-spending shoppers since Japan’s own go-go era in the 1980s.
“Asian tourists are our new growth market,” he said.
Many Asian tourists interviewed said they liked to shop here because Japan has the latest fashions first, and at prices way below those in many other Asian countries, where tariffs are steep. They also said they liked visiting Japan because it was close, safe and cleaner than much of the rest of Asia.
But many also say they are drawn by a deep fascination for Japan. Now that they can afford to come, they say they want to see the country that has long been the region’s front-runner in high technology, fashion and other realms of popular culture. They said they felt envy and respect for Japan as the region’s only fully developed nation, even if they did not always see eye to eye on matters like the events of World War II.
“We feel very close to the Japanese culturally, but they are also still ahead,” said Kao Yu-jeng, a 50-year-old schoolteacher who was part of a Taiwanese tour group visiting Shiretoko park, on Japan’s northern island of Hokkaido. “We want to know more about what makes them tick.”
According to the Taiwanese government’s Tourism Bureau, Japan passed Macao last year to become the second-most-popular overseas destination for Taiwanese going abroad, after Hong Kong.
“Japan used to be a very distant presence,” said Hsu Ya-shan, assistant director in the Tokyo office of the Taiwan Visitors Association, a Taiwanese government-run tourism promotion agency. “Now, it feels a lot closer.”
Officials at the Japan National Tourist Organization called the surge in Asian visitors an unexpected result of their Visit Japan program, a 2003 advertising campaign whose goal was to double foreign visitors to 10 million by 2010. While they initially envisioned planeloads of arriving Westerners, it was Asians who actually showed up, officials said.
Skip to next paragraph
During the 1980s, Americans were the largest group of overseas visitors to Japan, but have now fallen to fourth behind South Korea, Taiwan and China.
“Japan always had this huge, unnatural imbalance of sending out far more tourists than it took in,” said Daisuke Tonai, a senior assistant manager at the tourist group. “The situation is finally becoming more normal.”
Mr. Tonai said surveys also showed Asian tourists came to Japan for different reasons than Westerners. While Americans said they came to see cultural attractions like temples, Asians cited shopping, followed by hot springs and nature. Visits to factories are also popular, he said.
Recently, a top draw for Asian tourists is Hokkaido, Japan’s least developed major island, with open spaces and picturesque farms reminiscent of the American Midwest.
Mr. Kao, the Taiwanese teacher, called Hokkaido’s natural beauty a welcome change from pollution-choked cities in Taiwan, and China, where he has visited.
As the group’s bus wound along Shiretoko’s rugged coastline, the tour guide, Yu Li-fang, warned the travelers of the dangers of entering a true wilderness area.
“What do you do if you see a bear?” she said.
“Run,” one voice said.
“Kill it,” said another.
“Do you know how to kill a bear?” Ms. Yu asked, only half jokingly.
While the group did not encounter a bear, many members did experience a different kind of shock at a gift store, where the prices were far higher than in Taiwan.
“Taiwan is getting closer, but Japan is still ahead when it comes to prices,” Lin Hsiao-ching, a 44-year-old homemaker, said with a laugh. “We still have to keep an eye on every bill.”
While a boon for Japan’s faltering tourism industry, the new tourists are also a sign of larger economic changes in one of the world’s most dynamic regions.
Japan itself was once known for its free-spending tourists, who flocked to boutiques from Hong Kong to Fifth Avenue. But as Japan’s economy stalled for the last dozen or so years, rapid development in countries like China and South Korea raised living standards there.
Those countries are now catching up with slow-growing Japan, long the region’s dominant economic power. Indeed, Japan’s dwindling, but still potent, lead in technology is a major draw for Asian tourists, who are as likely to visit a Toyota car factory as a Zen temple.
At the same time, there has been a decline in the number of people going abroad from Japan. The number of Japanese traveling abroad has fallen 3 percent from the peak in 2000 of 17.8 million, the government-run Japan National Tourist Organization said.
The decline was particularly pronounced among Japanese in their 20s, whose trips abroad fell to 2.8 million last year, down 40 percent from a decade ago. Officials from the tourist group attributed the drop among the young Japanese to falling wages and more modest lifestyles.
By contrast, the number of visitors to Japan from South Korea, Taiwan, China and Hong Kong almost doubled last year from five years earlier, to 5.36 million, according to the tourist group. Those four regions alone accounted for nearly two-thirds of all foreign visitors to Japan last year, the organization said.
But far from being concerned about yet another sign of their nation’s declining status, many Japanese seem to embrace this change. The government helped open the gates five years ago by waiving visa requirements for tourists from Taiwan and South Korea.
Asian visitors are now regarded by a growing number of Japanese as a financial shot in the arm for Japan, whose vitality has been sapped by economic maturity and an aging population.
“Asia has closed the gap in economic power,” said Yukiko Fukagawa, an economics and politics professor at Waseda University in Tokyo. “And Japan is slowly realizing that maybe this is not such a bad thing.”
In the Ginza shopping district of Tokyo, the excitement these days is all about the large numbers of rich Asian tourists, most from China. This has pushed stores to begin hiring Chinese-speaking clerks and keep stacks of Chinese bills by cash registers.
At the marble-columned Mitsukoshi department store, one of Tokyo’s fanciest stores, wealthy Chinese buy Japanese and European-brand clothes and handbags by the dozen, and spend hundreds of thousands of dollars, apparently on a whim, for a watch or painting in the store, said Shoji Saito, manager of overseas-related business.
Mr. Saito said the store had not experienced such big-spending shoppers since Japan’s own go-go era in the 1980s.
“Asian tourists are our new growth market,” he said.
Many Asian tourists interviewed said they liked to shop here because Japan has the latest fashions first, and at prices way below those in many other Asian countries, where tariffs are steep. They also said they liked visiting Japan because it was close, safe and cleaner than much of the rest of Asia.
But many also say they are drawn by a deep fascination for Japan. Now that they can afford to come, they say they want to see the country that has long been the region’s front-runner in high technology, fashion and other realms of popular culture. They said they felt envy and respect for Japan as the region’s only fully developed nation, even if they did not always see eye to eye on matters like the events of World War II.
“We feel very close to the Japanese culturally, but they are also still ahead,” said Kao Yu-jeng, a 50-year-old schoolteacher who was part of a Taiwanese tour group visiting Shiretoko park, on Japan’s northern island of Hokkaido. “We want to know more about what makes them tick.”
According to the Taiwanese government’s Tourism Bureau, Japan passed Macao last year to become the second-most-popular overseas destination for Taiwanese going abroad, after Hong Kong.
“Japan used to be a very distant presence,” said Hsu Ya-shan, assistant director in the Tokyo office of the Taiwan Visitors Association, a Taiwanese government-run tourism promotion agency. “Now, it feels a lot closer.”
Officials at the Japan National Tourist Organization called the surge in Asian visitors an unexpected result of their Visit Japan program, a 2003 advertising campaign whose goal was to double foreign visitors to 10 million by 2010. While they initially envisioned planeloads of arriving Westerners, it was Asians who actually showed up, officials said.
Skip to next paragraph
During the 1980s, Americans were the largest group of overseas visitors to Japan, but have now fallen to fourth behind South Korea, Taiwan and China.
“Japan always had this huge, unnatural imbalance of sending out far more tourists than it took in,” said Daisuke Tonai, a senior assistant manager at the tourist group. “The situation is finally becoming more normal.”
Mr. Tonai said surveys also showed Asian tourists came to Japan for different reasons than Westerners. While Americans said they came to see cultural attractions like temples, Asians cited shopping, followed by hot springs and nature. Visits to factories are also popular, he said.
Recently, a top draw for Asian tourists is Hokkaido, Japan’s least developed major island, with open spaces and picturesque farms reminiscent of the American Midwest.
Mr. Kao, the Taiwanese teacher, called Hokkaido’s natural beauty a welcome change from pollution-choked cities in Taiwan, and China, where he has visited.
As the group’s bus wound along Shiretoko’s rugged coastline, the tour guide, Yu Li-fang, warned the travelers of the dangers of entering a true wilderness area.
“What do you do if you see a bear?” she said.
“Run,” one voice said.
“Kill it,” said another.
“Do you know how to kill a bear?” Ms. Yu asked, only half jokingly.
While the group did not encounter a bear, many members did experience a different kind of shock at a gift store, where the prices were far higher than in Taiwan.
“Taiwan is getting closer, but Japan is still ahead when it comes to prices,” Lin Hsiao-ching, a 44-year-old homemaker, said with a laugh. “We still have to keep an eye on every bill.”
Wednesday, 16 July 2008
Online Casino Gambling - Lucky Nugget
Lucky Nugget was the 1st place I tried out the online casino gaming experience. Being totally new without any idea of which online casino was a good one, I decided to give this casino a try.
The main reason was because Lucky Nugget offered a $1000 cash bonus and 1 full hour to try out their games. It seemed like a no brainer so I decided to give it a whirl.
There're many games at lucky nugget, ranging from slot machines to table games. My favorite is black jack and roulette. Some folks like 3 card poker and slots machines.
Good news is Lucky Nugget aims to bring the feel of an Las Vegas fashioned casino to your gaming experience.
1. How to deposit
The easiest way to deposit is to use Entropay. Entropay is very quick to set up. If you can register for a hotmail account, or a gmail account, its exactly the same. Once you've registered for free, you then put funds into this account using your credit or debit card. There will be a small surcharge for this transaction. From Entropay, you'll then be able to move funds and winnings to and from Lucky Nugget.
Reason you need Entropay is because, major banks do not allow funding of online casinos directly. Whether you're in the USA or China, or Singapore, its the same everywhere.
2. How to cash out
Winnings are cashed out to the funding source. So if you used Entropay to fund your Lucky Nugget account, then the funds will be transferred back to your Entropay account. This takes a few days. In the beginning, Lucky Nugget will require a few documents to verify your identity, which includes a photocopy of your passport & utility bill.
There're many different casinos you can play from, but if you're just starting out, give Lucky Nugget a try, you'll be assured a good experience.
The main reason was because Lucky Nugget offered a $1000 cash bonus and 1 full hour to try out their games. It seemed like a no brainer so I decided to give it a whirl.
There're many games at lucky nugget, ranging from slot machines to table games. My favorite is black jack and roulette. Some folks like 3 card poker and slots machines.
Good news is Lucky Nugget aims to bring the feel of an Las Vegas fashioned casino to your gaming experience.
1. How to deposit
The easiest way to deposit is to use Entropay. Entropay is very quick to set up. If you can register for a hotmail account, or a gmail account, its exactly the same. Once you've registered for free, you then put funds into this account using your credit or debit card. There will be a small surcharge for this transaction. From Entropay, you'll then be able to move funds and winnings to and from Lucky Nugget.
Reason you need Entropay is because, major banks do not allow funding of online casinos directly. Whether you're in the USA or China, or Singapore, its the same everywhere.
2. How to cash out
Winnings are cashed out to the funding source. So if you used Entropay to fund your Lucky Nugget account, then the funds will be transferred back to your Entropay account. This takes a few days. In the beginning, Lucky Nugget will require a few documents to verify your identity, which includes a photocopy of your passport & utility bill.
There're many different casinos you can play from, but if you're just starting out, give Lucky Nugget a try, you'll be assured a good experience.
Tuesday, 15 July 2008
ATM Male Female
A new sign in the Bank Lobby reads:
"Please note that this Bank is installing new Drive-through ATM machines enabling customers to withdraw cash without leaving their vehicles. Customers using this new facility are requested to use the procedures outlined below when accessing their accounts.
After months of careful research, MALE and FEMALE procedures have been developed.
Please follow the appropriate steps for your gender:
MALE PROCEDURE
1. Drive up to the cash machine.
2. Put down your car window.
3. Insert card into machine and enter PIN.
4. Enter amount of cash required and withdraw.
5. Retrieve card, cash and receipt.
6. Put window up.
7. Drive off.
FEMALE PROCEDURE
1. Drive up to cash machine.
2. Reverse and back up the required amount to align car window with the machine.
3. Set parking brake, put the window down.
4. Find handbag, remove all contents on to passenger seat to locate card.
5. Tell person on cell phone you will call them back and hang up.
6. Attempt to insert card into machine.
7. Open car door to allow easier access to machine due to its excessive distance from the car.
8. Insert card.
9. Re-insert card the right way.
10. Dig through handbag to find diary with your PIN written on the inside back page.
11. Enter PIN.
12. Press cancel and re-enter correct PIN.
13. Enter amount of cash required.
14. Check makeup in rear view mirror.
15. Retrieve cash and receipt.
16. Empty handbag again to locate wallet and place cash inside.
17. Write debit amount in check register and place receipt in back of checkbook.
18. Re-check makeup.
19. Drive forward 2 feet.
20. Reverse back to cash machine.
21. Retrieve card.
22. Re-empty hand bag, locate card holder, and place card into the slot provided.
23. Give dirty look to irate male driver waiting behind you.
24. Restart stalled engine and pull off.
25. Redial person on cell phone.
26. Drive for 2 to 3 miles.
27. Release Parking Brake.
"Please note that this Bank is installing new Drive-through ATM machines enabling customers to withdraw cash without leaving their vehicles. Customers using this new facility are requested to use the procedures outlined below when accessing their accounts.
After months of careful research, MALE and FEMALE procedures have been developed.
Please follow the appropriate steps for your gender:
MALE PROCEDURE
1. Drive up to the cash machine.
2. Put down your car window.
3. Insert card into machine and enter PIN.
4. Enter amount of cash required and withdraw.
5. Retrieve card, cash and receipt.
6. Put window up.
7. Drive off.
FEMALE PROCEDURE
1. Drive up to cash machine.
2. Reverse and back up the required amount to align car window with the machine.
3. Set parking brake, put the window down.
4. Find handbag, remove all contents on to passenger seat to locate card.
5. Tell person on cell phone you will call them back and hang up.
6. Attempt to insert card into machine.
7. Open car door to allow easier access to machine due to its excessive distance from the car.
8. Insert card.
9. Re-insert card the right way.
10. Dig through handbag to find diary with your PIN written on the inside back page.
11. Enter PIN.
12. Press cancel and re-enter correct PIN.
13. Enter amount of cash required.
14. Check makeup in rear view mirror.
15. Retrieve cash and receipt.
16. Empty handbag again to locate wallet and place cash inside.
17. Write debit amount in check register and place receipt in back of checkbook.
18. Re-check makeup.
19. Drive forward 2 feet.
20. Reverse back to cash machine.
21. Retrieve card.
22. Re-empty hand bag, locate card holder, and place card into the slot provided.
23. Give dirty look to irate male driver waiting behind you.
24. Restart stalled engine and pull off.
25. Redial person on cell phone.
26. Drive for 2 to 3 miles.
27. Release Parking Brake.
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