The topic of the paper is the psychological impact of prices on consumer behavior, which primarily provides insight into the theoretical definition of price as an element of the marketing mix, and the definition of consumer behavior as well as policies and methods of pricing. It is important to know both the consumer as a person as well as the factors that influence their shopping behavior. All companies that operate successfully strive to recognise and satisfy the wishes and needs of their consumers. Likewise, consumers who are loyal to the products of certain companies are less price sensitive. The reason behind this is reflected in the satisfaction of the product used by the consumer, and due to a minor change in price they are not ready to seek a substitute. Great importance is attached to the behavior of consumers after the purchase, where you get insight into the disposal of the product after using the product as well as gaining insight into consumer satisfaction with the purchased product. In order to understand the impact of prices on consumer behavior, a variety of theoretical opinions are available that emphasize the importance of pricing below a round number, pricing a product group, and setting final digits of prices. The importance of constant consumer testing is emphasized in order for companies to deliver the highest value for the quality of products and services. When deciding to buy a product, the importance of the perception of the product by the consumer how much the product is worth is emphasized, and not determining its value according to the price set by the seller. Price represents the value a consumer pays in exchange for a product. For this reason, the consumer may be price sensitive. The environment in which the company is located has an important impact, as well as the distribution channels through which the product reaches consumers, and they directly affect the price of the product.