The More Wine Costs, the More People Enjoy It
California researchers have found that people think more expensive wines taste better, regardless of how they taste.
“We have known for a long time that people’s perceptions are affected by marketing, but now we know that the brain itself is modulated by price,” said Baba Shiv, an associate professor at the Stanford Graduate School of Business, and one of the authors of the study.
I am going to repackage box wine and sell it for $1000 a bottle. Maybe this is why people won’t drink box wine even though it tastes similar to other more expensive wines.
Based on this study you might think that it would be better to sell wine at expensive prices, but Fred Franzia has made a lot of money selling it cheaper than everyone else.
