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.
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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.
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