Price knowledge for services: An empirical investigation

The vast majority of surveys and studies concerning price recall have all focused on price memory for tangible products rather than intangible services. A study extending the price recall literature into the service sector is presented. Some 169 adults in California were surveyed and asked to recall the last price they paid for 9 commonly purchased services. Findings indicate that most consumers (53%) cannot recall the last price they paid, 13% had an inaccurate price memory and 34% remembered an accurate price. Findings also indicate that the ability to recall a price and to recall an accurate service price varies significantly by service. Other mediating variables include frequency of usage, home ownership and educator. No other demographic variables were related to either price recall or recall accuracy.