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By Mihar Dias (C) Copyright December 2022
It was quite disturbing for us sitting at MyNews drinking our cup of hot black Maru coffee one day when we saw a news flash of Rafizi saying, “I myself do not buy expensive coffee. For me, RM3 for a coffee is considered expensive." We felt quite guilty when a Minister of Economics said a cup of coffee at RM3.00 is expensive.
My regular coffee-drinking partner, Eric Copley, who is another Creator at Newswav, looked at each other and felt bad. We are worried that we are the reason why prices of consumer goods remain high because we do not drink cheap coffee.
However, Eric who had frequented the place since it opened years ago denied that it was expensive. I felt better after the explanation that I was not being extravagant by the Minister's standard. In fact, we did ask the cashier if he could save that one cent for us every time we drink to get a cup for free after 300 cups!
Joke aside, he said that MyNews has a loyalty programme. For every 8 cups we'll be able to get one cup for free. In other words, we would be paying only RM2.67 per cup if we got on MyNews loyalty programme. That would be even better!
Eric Copley has been on that programme and benefitted by not having to pay RM2.99 as indicated on the coffee machine. Knowing that made me even more pleased because I like Maru coffee.
Eric also mentioned that the price of a black coffee at 7-11 or FamilyMart is also around RM3. That got us into comparing prices with coffee at local stalls which are now around RM2.
But Eric said the diference is that at MyNews, you get coffee grounded fresh in the machine right in front of you while at local stalls. they are usually made from blended coffee powder.
On the other hand, Maru uses only Arabica coffee beans, which is a high-quality variety of coffee beans. Arabica is known for its smooth, complex flavor and distinct lack of bitterness.
Eric said, "This is what we call an elasticity of demand, which means consumers may find alternatives to cheaper coffee should their favourites rise in price."
The point is, choose the coffee that's right for you at a price you can afford. We choose Maru coffee at MyNews because it's less than RM3.
And if that was going to increase any further we'll adjust our taste buds and switch to another.
Behavioural economics is just about taste and affordability where coffee is concerned.
Mihar Dias is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav.
Log in to creator.newswav.com and become a Newswav Creator now!
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