Study on the Influence of Anchoring Effect on Consumer Behavior and Consumer Phycology

Abstract

Nowadays, with the development of economy, people's consumption level is getting higher and higher, and consumption channels are getting richer and richer. People sometimes buy impulsively, sometimes for their own quality of life and so on. Various merchants have also launched various ways to promote consumers' purchase intentions and obtain higher profits. Like discount promotions, use streaming media to promote. The anchoring effect is used in all of them. This paper mainly studies the application of anchoring effect in daily life and the principle of influencing the psychology of consumers and sellers. Through the summary of the existing literature and the observation of social phenomena, it is concluded that no different anchors have different effects on the results. Various potential factors affect anchoring. The research also found that when consumers or sellers are price takers or passively accept the information of an item, they will be unconsciously affected by the anchor. When they are anchored by other factors such as brand effect and social factors, they will willingly accept a high anchor value and actively follow this high anchor value.