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Overpriced Meaning: Definition, Examples, and Translations

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overpriced

[หŒoสŠvษ™rหˆpraษชst ]

Definition

Context #1 | Adjective

product pricing

Priced higher than the actual value or cost; excessively expensive.

Synonyms

costly, expensive, high-priced, pricey.

Which Synonym Should You Choose?

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Word Description / Examples
overpriced

Use 'overpriced' when you think something costs more than it should. This word has a negative connotation.

  • The shoes were nice but definitely overpriced.
  • I didn't buy the coffee because it was overpriced.
expensive

Use 'expensive' in a general sense to describe something that costs a lot of money. It doesn't necessarily imply that the price is unfair.

  • That watch is very expensive.
  • She bought an expensive coat.
costly

Use 'costly' to describe something that is expensive and may have a significant financial impact. This word can imply that the expense might not be worth it.

  • The repairs to the car were quite costly.
  • His decision to skip classes proved to be very costly.
high-priced

Use 'high-priced' as a more formal way to indicate something that has a high cost. It is often used in economic or formal contexts.

  • They live in a high-priced neighborhood.
  • The high-priced items were kept on the top shelves.
pricey

Use 'pricey' informally to describe something that is expensive. It is a casual term and can be used in everyday conversation.

  • That restaurant is too pricey for me.
  • These jeans are a bit pricey, don't you think?

Examples of usage

  • The designer handbag was overpriced, as it cost much more than similar bags on the market.
  • Many customers were disappointed by the overpriced tickets for the concert.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Economics

  • Pricing strategies sometimes take advantage of consumer perceptions, leading to items being labeled as overpriced when they donโ€™t meet expectations.
  • Elasticity of demand means that when prices hike too high, customers often buy less or turn to alternatives.
  • Inflation can cause items to feel overpriced even if their prices are historically reasonable.

Pop Culture

  • Movies and TV shows often highlight the absurdity of overpriced products in satirical ways, drawing attention to high consumerism.
  • Certain brands have become notorious for being overpriced, especially luxury items seen in fashion media, leading to discussions about authenticity versus brand name privilege.
  • Comic strips and memes frequently poke fun at overpriced goods, making the term familiar in everyday conversations.

Consumer Psychology

  • People are often willing to pay more for items they perceive as exclusive or high-status, even if those items are overpriced.
  • A phenomenon known as 'anchoring' occurs when the first price seen influences how we judge other prices, contributing to feelings of something being overpriced.
  • The 'sunk cost fallacy' can lead customers to continue investing in overpriced products because they've already spent money, even if they realize the cost is too high.

History

  • Historical events, such as major wars and natural disasters, can cause goods to become overpriced due to scarcity.
  • The Great Depression led to a different perception of value, where certain items that were overpriced in the past became economically unfavorable.
  • During the dot-com bubble, many tech products were launched at inflated prices that later plummeted in value, teaching investors valuable lessons about worth.

Origin of 'overpriced'

Main points about word origin

  • The word combines 'over,' meaning too much, and 'priced,' meaning the amount of money something costs.
  • It has been in use since the late 19th century, responding to economic shifts and consumer behavior.
  • Before this term, people used phrases like 'too expensive' to express similar sentiments.

The term 'overpriced' originated in the late 19th century, combining the prefix 'over-' meaning excessive or beyond with 'priced'. It is commonly used to describe items or services that are perceived as being too costly in relation to their actual worth or value.

See also: overprice, overpricing, precious, price, priceless, pricer, prices, pricey, underprice, underpriced.

Word Frequency Rank

At rank #29,452, this word represents specialized academic or technical vocabulary. It's less frequently encountered but may be valuable in specific contexts.