Here are the top 5 reasons:
Quality concerns - cheaper products are often perceived as being lower quality.
Fear of regret - people often think that they will regret buying a cheaper product in the long run.
Brand reputation - cheap products can be associated with poor reputation.
Durability concerns - people often think that cheaper products won't last as long as more expensive ones.
Lack of trust - people may not trust cheaper products as much as more expensive ones Keep in mind, that understanding consumer perceptions and addressing their concerns is crucial to overcome this bias and sell your products successfully.