Many of your perceptions regarding price versus value are likely to be different from those of your parents or grandparents.

Researchers attribute such differences to cohort effects, which are based on the premise that consumption patterns are determined early in life.

Therefore, individuals who experienced different economic, political and cultural environments during their youth are likely to be different types of consumers as adults.

Describe instances in which your parents or grandparents disagreed with or criticised purchases you had made. Describe the cohort effects that explain each party's position during these disagreements.