Consumers struggle to get good deals with information overload
Source: Sunday Business Post
Excerpt: Complexity leads to 'costly mistakes', says ESRI
A new report from the Economic and Social Research Institute has found that consumers struggle to make good decisions when confronted by product descriptions which are too complex.
The report is the first to come from the ESRI’s PRICE Lab, which was set up to conduct experiments with Irish consumers. It uses computerised experiments to study what consumers are capable of – and what they are not.
The experiments in the report published today systematically tested how accurately consumers could distinguish good deals from bad deals. The results show that once consumers had to take into account more than two or three factors at the same time, they struggled to spot good deals and often made mistakes.
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