Finance: how to save when shopping and being an informed consumer

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How to become an informed consumer is probably a very beneficial topic that we all can learn from. One thing that we can always learn more is to be informed and save more money. I have learn this in my marketing class and the professor stated that consumers are paying way too high for brands that have the same quality as lower price non-brand names product. I think this is true and a lot of us would agree. It’s way too costly for us to have to pay an extra twenty dollars so that the brand can profit and market their product more. We can’t stop companies from over pricing us but we can learn to not purchase their products. There are ways that we can control companies from over charging us. Paying over price is an issue that I have observed with many products out there on the market like brand name cars, brand name makeup, brand name clothing and more. I usually noticed that there is at least a 50% markup from the actual value of the merchandise but they need to make profits too. While companies are making profits we are suffering terribly from it, we have to be more informed then.

One way to become a more informed consumer is to know that brand names items are marked up in order to support their overheads like marketing and manufacturing. We have to know that these items are way too over price and that we should look at non-brand items. We have to know that there are many marketing tricks in sales and that not all sales are sales and that we don’t really end up with a lower price but it’s just that the item has been marked up and now down to what it should have been. There are so many tricks in marketing that you think you’re getting a sale but that’s not likely at all. They could mark a ten dollars item up to twenty dollars and then announced that they have a sale for a fifteen dollars sale. If you look at that you would know that it’s not a sale that you’re getting but a trick. Many people don’t know the actual value of an item but when they found out they will see how much they have overpaid the retailers and this is the art of retailing and that is to make as much profit as they can. Well, it’s our job to stay away from these high ends places and find lower price products and there’s plenty of those around. When you shop at a store you should shop for store brands instead of brand names as they’re about half the price of brand name but holds the same quality. You should shop at outlet for clothing instead of at the mall because the mall retailers have to pay a high space fees and they will mark up their merchandise up so that they can pay their bills. The worst place to shop is at a high end mall. You should learn more about local outlets in your areas.


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