The Psychology of spending with Eric Dolansky

[0:00 - 0:36] Intro

Our guest on the show today is Eric Dolansky. Eric received his PhD and MBA from the Richard Ivey Business School at Western University. He’s now a professor at the Goodman school of Business at Brock University. His main area of research is in studying pricing and price perception, consumer estimations of value, consumer behaviour and behavioural economics and that’s why we’ve brought him on the show today. Hello Eric.

[1:16 - 4:19] Money Mistakes - switching bank accounts, buying too much booze (Thank you, Rosehall run, trying to time the mortgage market

[4:20 - 6:18] What influences consumer behaviour? What drives people to spend money? Why did Eric focus on consumer psychology?

[6:19 - 7:16] Quick decisions we make on price, but we should step back and really think about it.

[7:17 - 10:08] Wine pricing at restaurants. Why it goes from cheapest to most expensive. Why is that? Eric explains the psychology behind wine lists.

[10:09 - 12:09] Does the same apply to gas prices? Are people accepting of gas pricing or will there be a tipping point?

[12:10 - 14:32] What made so many Canadians buy toilet paper in COVID?

[14:33 - 16:49] Will some companies feel negative effects from overpricing products during the pandemic?

[16:50 - 19:19] What impact will COVID have on Canadian consumer behaviour? What are the long lasting impacts of COVID on consumer behaviour?

[19:20 - 21:44] Do you think Canadian consumers will be ready to spend money on travel? When will the travel industry recover?

[21:45 - 24:45] Do you see Canadians will only buy online after COVID? Will retail recover?

[24:46 - 26:29] Do Canadians have a debt problem? Why do Canadians have a debt problem?

[26:30 - 37:13] How does an organization find a balance between charging enough for profit and what people are willing to pay? This turns into a case study on UP Express pricing.

[37:14 - 39:24] Should people apply pricing behaviour to their own purchases?

[39:25 - 44:29] Rapid fire questions with Eric Dolansky

[47:17 - 48:07] Outro