‘Dynamic pricing' was a top contender for word of the year. Here's why it got consumers so worked up in 2024 [CNBC]
Uber Technologies, Inc. (UBER)
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Source: CNBC
Although the practice has been around for years, a recent surge in demand for sought-after concert tickets, such as Taylor Swift's Eras Tour, brought dynamic pricing back into the spotlight. Ticketmaster is under investigation in the U.K. for its recent use of dynamic pricing in sales of next year's reunion concerts from Britpop band Oasis. Oxford University Press may have crowned “ brain rot ” the word of the year, but “ dynamic pricing ” was also a top contender. Originally coined by economists in the late 1920s, dynamic pricing refers to “the practice of varying the price for a product or service to reflect changing market conditions. In particular, the charging of a higher price at a time of greater demand,” the publishing house said on its site. Many people associate it with shifting airline ticket prices or how ride-hailing service Uber adjusts fares at busy times. However, there was heightened awareness — and controversy — around the practice in 2024, especially when i
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