“Lucky” numbers, unlucky consumers

Zili Yang

Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2011, vol. 40, issue 5, 692-699

Abstract: Superstitious beliefs affect economic activity and may have noticeable economic impacts. In China, numbers often convey certain superstitious meanings. Retailers in China manipulate digital patterns on price tags to fit consumers’ superstitious preferences. In this paper, I analyze such superstitious manipulations using a large sample of price tags from Beijing, China. I also estimate the aggregate economic impacts of superstitious manipulations of retail price tags. The analytical results and the estimations presented in this paper suggest that Chinese consumers pay extra for their superstitious beliefs when they purchase goods. Retailers are the clear winners in superstitious manipulations of digital patterns in price tags.

Keywords: Superstition; Retail price; Chinese economy; Consumer behavior (search for similar items in EconPapers)
JEL-codes: A13 C12 L81 M31 Z13 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:soceco:v:40:y:2011:i:5:p:692-699

DOI: 10.1016/j.socec.2011.05.008

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