How to Haggle Effectively and Save Money

Haggling is an art form and practiced in marketplaces around the world. Make the most of your vacation by avoiding embarrassment and frustration while saving money on your souvenirs.

Instructions

Difficulty: Moderate

Things You’ll Need:

• A positive attitude
• A knowledge of the local exchange rate

1. Research Your Market: Price the items you want to buy at several markets before attempting to make a purchase. Ask locals what select items should cost on average. They can give you an idea of the price range you are shooting for.
2. Offer a Fair Price: Start at a reasonable price, say 30-35% of the asking price and go up from there. Offering $10 for a $100 carving is just insulting.
3. Increase in small increments: Listen to the counteroffer and offer an increase close to the merchants decrease. For example: If you want a $20 carving, offer $5. When the counteroffer is $18, offer $7. Continue until a fair price is reached.
4. Be Respectful: Aggressively haggling in a rude manner is offensive as is trying to squeeze every last dime of savings from the transaction. It’s ok to walk away if you aren’t interested. The price might get lower or the vendor might let you keep walking.
5. Keep a Positive Attitude: If you feel like you got a good deal, you probably did. Don’t waste time wondering if you could have gotten your giant sombrero for three dollars less. Remember, the minimum wage in other parts of the world is a lot lower than it is at home. If you overpaid by a few dollars, you can feel good that your money will be well spent by a family who needs it.