DEFINITION of ‘Haggle’
When two parties involved in the purchase of a good and service negotiate the price until both parties can mutual agree on a price. The process of haggling involves two parties making offers and counteroffers to each other. The individual trying to buy the good and service is trying to pay the least amount possible, while the seller’s primary objective is to maximize gains.
BREAKING DOWN ‘Haggle’
Globally, haggling has different accepted levels of tolerance. In Europe and North America, haggling is generally accepted for larger ticket items like automobiles, jewellery and real estate but not for smaller day-to-day items. In other regions around the world, haggling for smaller items is generally accepted and is part of the culture. In these region,, children are taught to haggle at a young age to ensure that they are receiving the best perceived deal when making any type of purchase. The acceptance of haggling can also be determined by location. In department and grocery stores, haggling is prohibited, but at places like flea markets, marketplaces and bazaars, haggling is accepted and encouraged.