It drives me crazy when prices of some products changes multiple times in just several minutes span … I’m curious about your experience with buying stuff/planning holidays before dynamic pricing became a common thing.
For holidays: You decided where you wanted to go and when, then you called a telephone number or went to a local travel agency, they told you the price, and you paid them. Usually you’d either send in a cheque or hand over a cheque, which took a few days to clear, and then they’d send you your tickets by post. If you were really advanced you might shop around a little bit, but most of the time you’d end up with the same price, so most of us didn’t bother.
That sounds like a great experience, maybe not the fastest way to get a ticket, but at least prices were not hiked up like they are now
Oh the prices were hiked. Just everyone hiked them the same amount and they knew you were not going to find another better price. Said another way, just because the prices were fixed didn’t often result in savings for the customer…
Prices on average were higher, but you also always knew roughly how much stuff costs. Now the same vacation can be either really cheap or ridiculously expensive or anything in-between so you have to spend a lot of time reaearching and looking around for a deal.
That’s an entirely new concept to me. Where does this happen outside the stock market?
plane tickets,hotels,online stores, almost everywhere where prices can be controlled automatically
Okay, interesting. I don’t fly, I don’t book hotel rooms, but I do buy stuff online and I haven’t seen this ever. Weird.
You may not be aware of that, but based on your location (eg. Germany), some stores can charge you more. When some stores record higher demand for a product, they can drastically increase the price within minutes. You may be not aware of that, but under the hood this stuff happens quite often. It drives me crazy when buying last minute ticket/hotel cost fortune …
every store had a layaway program…
At the end of the day, you mostly just ended up paying full retail price for everything.
Unless you got a flyer/ad in the mail that listed out specific deals for things, you didn’t really have any visibility into pricing outside of the physical locations you could visit, or what someone might tell you over the phone. So, shopping by price was much more labor intensive than it is now. Most of the time, if you wanted to find out the price of something you would have to physically drive to that location and see what they had and what it cost.
It also wasn’t super long ago that the concept of stores like Wal-mart or Target did not exist. So, aside from it being difficult to compare prices, you also just didn’t really have a lot of options for finding products at different locations. Maybe groceries allowed for this as most people had at least a couple grocery stores within a reasonable distance. But outside of that, you generally had to travel to specific stores, and there might only be one store near you that carried what you wanted. So, if you wanted toys or video games, you went to Toys R Us, because that was the only place that had a decent selection of those things. And when you went there, you paid whatever the retail price was for the thing you wanted.
Edit: So to summarize, it used to be that finding the thing you wanted was the hard part, whereas now it’s more about finding the right price for the thing you want.
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