Advice for Making the Luxury Sell When presenting and pricing luxury items, add to the product's perceived value while eliminating any suggestion of commoditization.
By Coeli Carr •
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Supple handbags. Opulent hotels. Sleek boats. There's always a market for the finer things in life. But although the luxury-goods category has a built-in allure, an exact formula for how to price items in this sector has proved elusive.
We asked Paco Underhill--CEO of retail-focused research and consulting firm Envirosell and author of Why We Buy: The Science of Shopping--how startup entrepreneurs should tackle pricing their luxury products to reach the greatest possible audience.
Why is it trickier to price luxury goods than other products?
The challenge is addressing people's perceptions about what luxury actually is.
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