Posted in Finance, Accounting and Economics Terms, Total Reads: 266
Haggle is the process for making a purchase in which the two parties involved (buyer and seller) negotiates the price of the item until both parties come to a mutual agreement on a certain price. The process of haggling takes place between two parties that make offers and counteroffers to each other until they come to a mutual agreement.
The buyer always wants to pay the least amount to the seller whereas the seller always wants to get the maximum amount that he/she can get from the buyer. The tolerance level in haggling varies from place to place. Haggling for expensive items like automobile, jewelry and real estate is accepted in Europe and North America whereas for smaller day-to-day items they are not really accepted. On the other hand, in other parts of the world haggling for small day-to-day items is widely accepted and has become a part of culture.
Location also plays a role in the acceptance of haggling. For example, haggling in a grocery shop might not be generally accepted but in bazaars, flea markets, marketplace etc haggling is not only accepted but also encouraged.