People spend thousands of dollars annually on essential everyday items that are outrageously overpriced. WMAR 2 News points out that Americans spend over $16 billion annually on bottled water when it costs less than a penny per gallon at the tap.
This is a thought that shows how price is affected by factors such as company branding and convenience, and people are paying overprice for products when they already exist cheaper. Here are 18 shockingly overpriced items.
Printer Ink
Printer ink is also called ‘liquid gold.’ When calculated, it can cost up to $12,000 per gallon. Manufacturers sell printers at a loss, with profits made on proprietary cartridges that can be modified, such as with unfilled chips.
These usually contain a very small amount of ink, meaning you must often replace them. As a consumer, you can help cut costs by choosing third-party ink or refillable cartridges, as refilling can be less expensive.
Bottled Water
Although nothing is complicated about them, ABC10 notes that bottled water can be hiked up 4000% more than tap water. The bottled water industry makes such a neat action out of convenience and good marketing, and sometimes even implies purity or health benefits.
Investing in a reusable bottle and home filtration system will reduce waste and prevent the use of hundreds of plastic bottles a year.
Coffee Pods
Single-serve coffee pods are convenient but costly. Signature Organic Coffee says pods can cost as much as $40 to $50 per pound, nearly $28 more than the $14 to $18 charged for organic whole-bean coffee.
The fact that it’s easy to use is appealing, but the potential negative environmental impact of a non-recyclable pod does make you take notice. Reusable pods or traditional brewing methods are a more budget-tolerant and eco-friendly way to switch.
Razor Blades
According to Statista, Gillette Venus razors cost about $11 in 2019. Razor blades are notoriously expensive. Many brands operate on a ‘razor and blade’ model, selling cheap razors but expensive blades to maximize profits.
Cost-conscious consumers should use shaving clubs and generic choices, as they offer a similar quality for less money.
Designer Toothpaste
Then there’s designer or specialty toothpaste, which has little to no additional benefits and often costs double or triple the price of regular toothpaste. According to Dental Partners of Boston, brand-name and generic toothpaste generally share the same ingredients behind the box, so you can’t go wrong.
Much of the price goes to fancy packaging and marketing, which creates a luxury perception. Opting for regular toothpaste saves money without compromising dental health.
Shampoo and Conditioner
Although you may get similar results, salon-brand shampoos and conditioners can sometimes cost 2-5 times as much as drugstore versions.
The Academy of Hair Design says the ingredients in the two products are generally very similar, with the cost difference being influenced mostly by branding and professional endorsements. The best (and most affordable) drugstore alternatives with similar benefits contain similar ingredients.
Pre-Cut Fruits and Vegetables
Fruits and vegetables are marked up 40% when pre-cut. Theoretically, the price reflects the labor, the packaging, and the assumed convenience for busy consumers.
Pre-cut options spoil faster, wasting food and money. Spend a few extra minutes slicing produce at home, and you will save a lot of money in the long term.
Name-Brand Cereals
It seems okay to charge significantly more for name-brand cereals that use nearly the same ingredients and taste nearly the same!
Marketing, colorful packaging, and nostalgia for the brand fuel higher prices. Generic cereals, usually on lower supermarket shelves, offer the same nutritional value but at a fraction of the cost.
Fancy Coffee Drinks
Starbucks Menu With Prices notes that specialty coffee drinks such as lattes and frappuccinos cost a maximum of $4 a cup, and there is a significant markup on top of that—more than $2,000 a year.
These drinks are expensive, but learning how to make them can cut your expenses while maintaining indulgence.
Baby Formula
Baby formula prices have risen by 20 percent recently due to demand and a lack of players in the industry. Formula is a non-negotiable expense for parents, and it costs up to $50 per container at Walmart for premium brands.
Most formulas meet the same FDA standards, and choosing generic or store-brand formulas can save hundreds without sacrificing nutrition.
Branded Toys
Movies or franchise bubble toys are almost guaranteed to cost more than a naturally occurring, generic one. Licensing fees for character branding significantly inflate prices, though they do the same thing as similar quality and functionality.
According to Statista, the US toys industry hit $40 billion in sales, outrunning other toy markets such as China, Japan, and Germany. Generic or unbranded toys are just as enjoyable and significantly cheaper.
Diapers
According to UN Environment Programme reports, disposable diapers are an industry worth $71 billion. Name brands are often twice the price of generic brands, but many generics perform well in consumer tests and branding.
They tend to be seen as inferior, but that’s not usually helpful information. Another cost-effective alternative would be cloth diapers, especially for environmentally conscious parents.
HDMI Cables
Many retail stores will sell you a $30-$50 4K HDMI cable that promises superior quality, but 95% of the time, there is no difference between a $5 4K HDMI cable bought online and a $30 4K HDMI cable bought in a store.
Digital signals either work or they don’t, so premium cables aren’t necessary with HDMI technology. Affordable options can save consumers a small fortune without compromising performance.
Smartphone Cases
Walmart offers brand-name smartphone cases that cost upwards of $50, whereas third-party alternatives can cost less than $15. However, the higher price, more often than not, reflects branding rather than better protection.
Many online marketplaces have varieties of durable and aesthetically pleasing options that perform no less for a fraction of the cost.
Replacement Batteries
Batteries for cameras, laptops, etc., can often be overpriced when bought directly from manufacturers. Similar performance can be achieved with 50% savings over third-party alternatives.
Other ways of replacing products that consumers can rely on without overpaying include checking compatibility and reviews.
Designer Handbags
Handbags designed by fashion names can run into thousands of dollars, and much of the price is due to the image their brand name carries rather than the quality of the material.
The production costs of many luxury bags amount to less than 10 percent of their retail price. Less ostentatious brands can also provide high-quality durability without spending much on them.
Branded Sunglasses
On platforms like Nordstrom, sunglasses from luxury brands are marked up by 1,000%, and the same manufacturer makes many as cheaper alternatives.
That’s the high price for the brand name, not the optical quality. Functional and stylish alternatives save money without compromising UV protection.
Gym Memberships
Renew Bariatrics says the average gym membership costs $58 a month, and most people never or rarely use their membership. The upscale facility and unutilized amenities justify the high price.
Cutting down on unnecessary pay-as-you-go fitness options or home workouts can help you keep fitness goals in check while reducing expenses considerably.
Disclaimer – This list is solely the author’s opinion based on research and publicly available information.
15 Things to Never Buy at The Home Depot
15 Things to Never Buy at The Home Depot
How To Save Money Fast – 26 Easy Tips
