Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 7th International Conference on Economic Management and Green Development
Series Vol. 29 , 10 November 2023
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Applying Anchoring Effect in Catering Industry ——A Case Study of Cotti Coffee vs. Luckin Coffee
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Abstract
Behavioral economics is one of the hot topics in current research. Some researchers have found that the anchoring effect in behavioral economics theory generally appears in various markets in people's lives. This paper focuses on the anchoring effect in the catering industry, taking Luckin Coffee and Cotti Coffee as case studies on why and how anchoring has an effect on consumers' consumption decisions. This study conducted a questionnaire among Chinese high school students to show the existence of anchoring effect and explain how individuals make consumption decisions. Finally, this paper discusses the reasons why people are not affected by the anchoring effect, and gives corresponding suggestions from the perspectives of merchants and consumers, that is, how merchants can strengthen the anchoring effect on consumers to increase sales and how consumers can avoid falling into the consumption trap created by the anchoring effect.
Keywords
behavioural economic, anchoring effect, catering industry
References
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 7th International Conference on Economic Management and Green Development
- ISBN (Print)
- 978-1-83558-079-0
- ISBN (Online)
- 978-1-83558-080-6
- Published Date
- 10 November 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/29/20231345
- Copyright
- 10 November 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited