I mentioned in my previous post on Monday that after moving overseas I've gotten more price insensitive.
For those who don't know this term.
Price sensitivity can be defined as the degree to which consumers' behaviors are affected by the price of the product or service. Price sensitivity is also known as price elasticity of demand and this means the extent to which sale of a particular product or service is affected. -https://www.readyratios.com/reference/analysis/price_sensitivity.html
So if a product is price sensitive, means if the price drops, people will tend to consume more of the item. Usually basic goods like food, entertainment, stuff... or vice versa.
If a product is price insensitive, means if the price drops or increases, the consumption doesn't increase or decrease by much. Like healthcare, if prices drop, I doubt people will want to see doctor more.
As I'm staying overseas, I tend to be more price insensitive. Meaning, even if the price is higher
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