Consumer price knowledge in the market for apparel

Abstract

Purpose The aim of this study is to analyze consumers' price knowledge in the market for apparels. Design/methodology/approach After reviewing earlier attempts at assessing the construct, the price estimation error “PEE” was used, a measure based on explicit price knowledge stored in long‐term memory, as a valid indicator of price knowledge. Findings The results, including data from about 1,527 consumers on 66 products from the German apparel market, indicate that price knowledge is relatively low. Originality/value Although, in the literature, there are several studies on price knowledge in the food industry, little is known about price knowledge in other industry sectors. This is quite surprising since pricing strategy is a concept which is vitally important to all retailers. Therefore, this study is a first contribution to extending the concept of behavioral pricing to the apparel market.

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