First Insight examined pricing and elasticity trends on over 90,000 items processed through InsightSuite — the company’s predictive analytics platform which enables retailers and manufacturers to select, price, market and buy new products with no sales history — between September 2015 and August 2017, along with other proprietary data sources. Using its proprietary data on the elasticity of demand, First Insight calculated average price elasticity and the change in elasticity by category and subcategory over the last two years. Categories included womenswear, menswear, children's wear and home goods across North America and Europe.
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Think of it as Retail Price Mythbusters, Shopper Edition. In a recently completed Revionics-commissioned survey conducted by Forrester Consulting, shoppers from the U.S., United Kingdom, France, Germany and Brazil revealed their pricing expectations and tolerances — including some findings that defy conventional wisdom.