Josh Zumbrun

speaker

325 appearances 5 recordings 1 series first heard Dec 2018 last heard Oct 2023

Josh Zumbrun’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Consumers Hate Fees, But Are Willing to Pay Them Anyway · 27 Jun 2023 podcast

And they're not willing to stop and start over and go back and, you know, check if other places actually have better rates.

Drip pricing is the term that kind of refers to the idea that you see this initial price and as you go through the purchasing process, things are dripped onto it.

You know, you get a fee, a service charge, an amenity fee, whatever it might be.

You see these in obviously a lot of different industries applied in a lot of different ways.

But the basic effect is that over time, as you go through the process of purchasing the product, you end up with a much higher price at the end than you started with.

The common thing, obviously, is that you end up paying more than you expect.

But there's two key differences.

I mean, the one is that the drip pricing is really not optional in most cases.

It's something that you have to pay, you know, if you want to buy those concert tickets, if you want to buy that plane ticket, whatever, you have to pay those fees.

Whereas the tipping is...

is it's optional, right?

I mean, you know, even at a restaurant, if you want to leave a 0% tip, you can.

So one is the optionality.

Two is the kind of emotional part of it that's involved, right?

I mean, the reason you don't leave a 0% tip is that it's very rude.

Right.

So people hate hidden fees.

I mean, I don't think there's any question about that, right?

This is a very annoying practice.

But here's the kind of problem from the perspective of retailers and companies is that when you try to be transparent about the prices, consumers actually, the way they act and the way they then purchase is they really hate that.

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