Economists and marketers use the Search, Experience, Credence (SEC) classification of goods and services, which is based on the ease or difficulty with which consumers can evaluate or obtain information.
Experience goods pose difficulties for consumers in accurately making consumption choices.
[6] Another reason for price convergence is that customers become aware of the possibility of being overcharged, and compensate by favoring more expensive goods over cheaper ones.
[6] A 2020 study into credence goods within the medical sector also showed connections between social economic standards (SES) and the likelihood of over treatment in the dental industry.
Results showed that when portraying a higher SES, practitioners are less likely to offer treatment that is more invasive and expensive.
[7] Recent studies show that consumer decision making varies in the context of search, experience and credence services.