Was told by a sales manager in 1966, "Retailing is the art of finding out what the customer will pay." It's always worked for me.
@prathamsharma3867 Жыл бұрын
Sir,how old are you?
@davidllewis4075 Жыл бұрын
@@prathamsharma3867 I was born 10-14-1943
@123chargeit Жыл бұрын
I had this argument with a guy yesterday, he blamed price inflation on greedy corporations charging more. I'm like yeah and what else is new. Everyone charges as much as they can and still sell there product/service, that didn't start 3 years ago.
@whatisahandle221 Жыл бұрын
@@123chargeit -I strongly suspect the youngest consumers, pent up during the pandemic, maybe just now earning enough beyond school debt or paycheck to paycheck , have been oblivious to price raises because they don’t have much experience with purchasing either normal goods or larger ticket items. Ie they are willing to pay more because they don’t know better. The result? The “normal” greed of companies, the excuses of the (real) cost rises due to supply & demand differences from the pandemic, and the susceptibility of the new consumers has driven some of the ridiculous inflation higher than otherwise might have happened-if, say, it was 5-15 years ago.
@davidllewis4075 Жыл бұрын
@@whatisahandle221 May I respectfully submit another life lesson which in this old man observation has always proved true: "There grew up a new generation which knew not" (Jug 2.10).
@InTheMiddle95 Жыл бұрын
The problem is price stickiness. When something goes up it rarely goes down, even if the factors that made it go up in the first place are no longer there.
@thomashartmann5625 Жыл бұрын
I first learned about this concept from Stringer Bell in The Wire. Just another reason why it‘s the best show ever
@Hobbes4ever Жыл бұрын
read Microeconomics by Paul Krugman and Robin Wells 👍
@Sequaloid Жыл бұрын
i thought the wire was trash
@ling636 Жыл бұрын
The Wire fans and being annoying NAMID
@giovannip8600 Жыл бұрын
Or you know most people in high school?
@phillipfries8844 Жыл бұрын
Market elasticity theory goes out the window in a predominantly monopolistic economy. When a small number of companies control a high majority of their market segment (oil, airlines, grocery stores, car dealerships, meat packing plants, etc) they can 'informally' collude to price their products to bring industry wide profits up - and they do. Many US industries are raising prices far beyond their increased costs due to inflated costs of input, and are now registering their highest profits in years; to the tune of 100-300% profit increases. The US will never get inflation under control simply by raising interest rates.
@nelsonAism Жыл бұрын
You are 100% correct sir. This is why so many people feel as if everything is more expensive and the cost of living is increasing. It has nothing to do with whether consumers are willing to pay X,Y,Z for a product. It's Bs. It's about what other choice do we have? We have to send our kids to daycare. We need a place to live. We have to fill up the car with gas. We need to buy food. I've got to fly across the country.
@again5162 Жыл бұрын
In Australia we have a duopoly in the supermarket sector just Woolies and Coles , Aldi are trying to break into the market for 25 years now but most of us don't know Aldi from a car brand
@jillclarke7264 Жыл бұрын
Thanks well said and the truth. The US will only harm the middle and lower class worker by raising rates. Big business will not lose a dime.
@dreameisters Жыл бұрын
First time I heard about cold water detergent. Here in Indonesia all detergents can be use with cold water.
@errinwright Жыл бұрын
Actually osmanthus wine is a good detergent in these times
@again5162 Жыл бұрын
In 2008 I was stacking shelves and noticed that every Monday the price tickets would have to be changed and a cup of ice-cream would go up 5 cents a week.
@JJs_playground Жыл бұрын
Grocers are reporting record profits. This isn't inflation this is corporate greed.
@spacetoast7783 Жыл бұрын
I wonder if they're doing that via inflating prices. 🤔🤔🤔🤔🤔
@JJs_playground Жыл бұрын
@@spacetoast7783 they're inflating prices because they know they can. Because the idea of inflation has seeped into the collective consciousness that everything has a higher price. If they weren't being greed they wouldn't be reporting record profits.
@spacetoast7783 Жыл бұрын
@@JJs_playground So what you're saying is that prices are going up across the board. I wonder if economists have a word for that phenomenon. 🤔
@abanks202 Жыл бұрын
They slightly mentioned willingness to pay. We know certain foods and TP we will purchase no matter what because we cant live without it. The laundry detergent, smart ones will purchase the cheaper brands because they are just as good as the others. Arm and Hammer is one of them. You get more volume for the same price as Tide.
@tigerrx7 Жыл бұрын
Plus Tide fade the color of your clothes
@hoangle2483 Жыл бұрын
what if these mega brands start buying out these smaller brands ? Owning multiple brands which can fit into multiple market segments.
@abanks202 Жыл бұрын
@@hoangle2483 anti trust laws and there are judges that can block these actions. Also these smaller brands likely wouldn't allow the sale knowing they could increase their market share and make more that way.
@DeeDubious Жыл бұрын
The amount of elasticity these companies take from my wallet has stretched me as thin as paper
@alexdubois6585 Жыл бұрын
Dangerous gamble for branded products. Customers who start to switch to unbranded may not return to branded until the quality of unbranded is not acceptable. Complex products may boundce back easily, basics may never recover the customer.
@abumansaray7 Жыл бұрын
Exactly.
@paco1O3 Жыл бұрын
Perfume and . . . .staples? Who is buying staples as a luxury non-necessity? Who is not buying them because of the price?
@Mainlychesscontent Жыл бұрын
I’ve gone paperless
@hoangle2483 Жыл бұрын
since most of us have gone digital now. I suspect these are corporations and government institutions which are still somewhat required to have paper documents (due to law and regulation) and thus having to buy staples. And they buy in bulk.
@RomanDubP Жыл бұрын
Andrew Watterson: "Elastitties" (C) 2022
@nicholasbradshaw251 Жыл бұрын
Lol
@OfficialChrisFair Жыл бұрын
The $1 Lunchable in this video actually referred to a candy item that contains like 5 gummy worms.... lol
@___beyondhorizon4664 Жыл бұрын
Companies shrunk product's to keep the same price but I noticed! What this report did not mentioned is that Planet Fitness required members to provide their checking account number to bill directly. The us no way I will let any company to have my checking account!
@yongchen4158 Жыл бұрын
Inflation investigated reported basis need meaning need to survive measures with money management
@yongchen4158 Жыл бұрын
Basic need food and gas money
@phucyouse5316 Жыл бұрын
SEAN
@jessicaschroder6978 Жыл бұрын
U can’t get generic tide from tha amazon shelves
@MayorMcC666 Жыл бұрын
I hate euphamisms for decreases in quality of life
@kennethjose7159 Жыл бұрын
They are doing the usual shrinkflation. Or substitute cancerous chemicals for cheaper production
@ConnorCanRead Жыл бұрын
It's not inflation, it's price gouging in key sectors.
@auro1986 Жыл бұрын
inventing products that customers never asked for increases prices of everything
@dandansfu Жыл бұрын
wow what a great tip this is better than the tip ppl give about buying stocks buy at low and sell at high
@spacetoast7783 Жыл бұрын
No it doesn't. There aren't any price indices that automatically add prices of new products.
@abumansaray7 Жыл бұрын
How? I don't follow the logic. Inventing new products, especially if that product already has a market, should, in theory, lower costs bc of competition. Either that or the quality of the competing products would have to improve to justify the cost.
@spacetoast7783 Жыл бұрын
@@abumansaray7 That's the opposite of what OP said
@3hristopher Жыл бұрын
Eventually people will also lose there jobs from what I heard around early 2023 or middle that’s when jobs are going to be force to let people go
@karthik_mv Жыл бұрын
People! Use a Bidet😂
@monember2722 Жыл бұрын
Don't you still need paper after a bidet?
@fakeemail4005 Жыл бұрын
@@monember2722 You save on paper tho
@monember2722 Жыл бұрын
@@fakeemail4005 most people can save on paper by not wrapping it a million times around a hand. However, you spend more on price of bidet, addtl water usage, price of bidet and install. Bidets are fine and all, but it ain't exactly a money saver.
@karthik_mv Жыл бұрын
@@monember2722 No No one in India uses toilet paper…. Bidets are always installed in every washroom everywhere
@monember2722 Жыл бұрын
@@karthik_mv ok.
@derrickman925 Жыл бұрын
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@barrysmith2659 Жыл бұрын
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@bateriesrl6591 Жыл бұрын
wait a sec. u tell me tide is a premium in your country ??? here is just normal bottom guy use tide ...
@Hobbes4ever Жыл бұрын
shrink-flation
@patl4668 Жыл бұрын
This was a long walk on a short pier story.
@sindyr Жыл бұрын
Shrinkflation.
@mjg2397 ай бұрын
This video is sad because it shows how much the American middle class has shrunk over the years. Back in 2015 the Pew Research Center said that the U.S. middle class is no longer the majority of the country anymore, which means that many of us are living paycheck-to-paycheck or just getting by with working class salaries. We can't spend as freely and buy things plentifully as the baby boomer generation used to do. Essentially the baby boomer generation was the peak of the U.S. middle class and now it's all going hill with Gen X, Millennials, Gen Y, Alphas, etc. Now they're making stories about heterosexual couples who are young and choosing not to have kids (DINKS) nor own homes, preferring "used" cars, second hand clothes, shop Dollar stores. All while prices keep going up and the top 1-10% of Americans get wealthier and more exclusionary than ever. It's sad.
@JogBird Жыл бұрын
vote w your wallets
@daniarmstrong3023 Жыл бұрын
More corporate BS
@Virtual-Media Жыл бұрын
Summary, consumers remain ignorant..
@bolonabolona Жыл бұрын
Greed is the cause of inflation.
@user-hq5vn7em8z Жыл бұрын
If the American people do not want war, Russia and Ukraine, then America, as one of the major powers, must, Stop the fire actions, Sit in a place at the negotiating table of Russia and Ukraine, gather all the members of the OSCE, this is all that needs to be supported by the peoples of America themselves, inside their country, and close their eyes for a while to their internal petty problems, confrontations.
@maestrovso Жыл бұрын
Economics 101 - which we called it bird course being applied science students as this together with the like of psychology 101 are courses we took to fill the required "electives" in addition to our heavy course loads. It is not like Economics is a real science. Try understand elasticities of material under all sorts of environmental and load conditions, which is a real science as in material science.
@spacetoast7783 Жыл бұрын
Let me guess: Psychology and biology are also fake science because they rely on statistics.