Why do people pay more for something?

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People don’t want to feel bad amongst the people they often move around. Most people will pay more for a product/service than other brands for one of the following reasons; if they think it makes them look:

  • Smarter
  • Tech-savvy
  • Fashionable
  • Long-term thinker
  • Professional

All these comparisons would vary from person-to-person depending on the group they move around. Hence, their buying decisions.

This is why most effective marketers of expensive, luxury brands focus their ads on the emotional aspects of the benefits that the product brings, rather than specifications of the product/service.

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