I investigate the role of transaction utility on consumer choice. I design two laboratory paradigms to mirror shopping experiences using discounts and mark-ups (Study 1) and coupons (Study 2). In my experiments, participants purchase virtual products, allowing me to isolate transaction utility from inferences of product quality. Results reveal that consumers experience transaction utility even over these virtual products and will sacrifice monetary payoffs for transaction utility. Participants gain utility from perceived discounts, disutility from perceived mark-ups, and utility from using more of a coupon. My estimates suggest consumers’ marginal rate of substitution between study earnings and transaction utility is: 37-57 cents to gain a dollar of perceived discount and 37-78 cents to avoid a dollar of perceived mark-up. These estimates suggest a large relevance for transaction utility across a wide array of consumer decisions and purchasing behavior.