Prestige pricing

Prestige pricing is a strategy where a company sets higher prices for its products or services to create an image of exclusivity and higher quality. The higher price signals to customers that the product is prestigious, luxurious, or special, appealing to those who value status and are willing to pay a premium for a sense of distinction. This approach leverages perception over cost, making products seem more desirable because of their elevated price, which can attract a specific target market looking for premium or luxury items.