The FTC Wants Companies to Tell You When They Set Personalized Prices
The Federal Trade Commission says the price changes you see should depend on supply and demand, but some businesses have begun changing the price based on your online search or buying habits. The FTC says it wants to rein that in.
The agency released a statement and proposal Wednesday, asking for public comment on a policy on personalized pricing, which it defines as “the use of personal data to set prices according to the amount that a company believes an individual consumer is willing to spend.”
“When consumers see a listed price, they expect it to be same price that everyone else sees, not the retailer’s estimate of how much they are willing to pay based on their personal data,” FTC Chairman Andrew Ferguson said in a statement.
The FTC gave a few examples of how businesses may use your personal data to get you to pay more. A food...
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