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Applying Anchoring Effect in Catering Industry ——A Case Study of Cotti Coffee vs. Luckin Coffee
- 1 Capital Normal University High School
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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
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Cite this article
Zhang,Z. (2023). Applying Anchoring Effect in Catering Industry ——A Case Study of Cotti Coffee vs. Luckin Coffee. Advances in Economics, Management and Political Sciences,29,9-14.
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