Title: What Is the Scarcity Principle? - Explore Psychology
Headings: What Is the Scarcity Principle?
What Is the Scarcity Principle?
The Psychology Behind the Scarcity Principle
How Scarcity Impacts Consumers
Scarcity Can Lead to Bad Decisions

Content: What Is the Scarcity Principle? - Explore Psychology
What Is the Scarcity Principle? February 4, 2017
By Kendra Cherry
1 Comment
(Last Updated On: August 3, 2017)
In social psychology, the scarcity principle refers to the tendency to place a higher value on things that are perceived as rare while devaluing things that are seen as common or abundant. Learn more about how marketers take advantage of the scarcity principle to persuade people to purchase goods and services. The Psychology Behind the Scarcity Principle
Browsing through the weekly ad for your local grocery store, you notice that several items have a large notation beside them stating “Limited Quantity!” Suddenly, you find yourself wanting to rush down to the market and get some of the peaches, strawberries, and plum that the store assures you are in short supply. Why is it that when we learn something is scarce or limited, we suddenly want it more? Psychologists refer to this tendency as the scarcity principle, sometimes referred to as the scarcity technique or feigned scarcity. People tend to place a higher value on items that are scarce, while placing a lower value on items that are plentiful.