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The purpose of this paper is to analyze the role of unit price information in the formation of the consumer reference prices.

The methodology consisted of two stages. At first stage a survey with a sample of 700 Spanish consumers was carried out. In the second stage, a 200-consumer panel was used. The sampling method was not random for both stages. In the second stage The authors use virtual shelves of three categories, in which, in addition to the brand, the consumer faces various package sizes.

Results show that the unit price information significantly influences the consumers' choice and that such influence can be moderated by the loyalty that the consumer presents. Furthermore, it is noted that the influence of the unit price on price recall is better if the category has many brands and not common size. In these cases the proportion of the use of the unit price is greater. The effect of frequency of purchase on the accuracy of the price recall is less in this type of categories, and more in categories of easy comparison.

This study proposes that the unit price information influences the internal reference price of consumers.