Explanation:

Price sensitivity can basically be defined as being the extent to which demand changes when the price of a product or service changes. The price sensitivity of a product varies with the level of importance consumers place on price relative to other purchasing criteria. Some people may value quality over price, making them less susceptible to price sensitivity. For example, customers seeking top-quality goods are typically less price-sensitive than bargain hunters; so, they're willing to pay more for a high-quality product.

By contrast, people who are more sensitive to price may be willing to sacrifice quality. These individuals will not spend more for something like a brand name, even if it has a higher quality over a generic store brand product.