The Attraction of Outrageously High Prices

Memorable Experience

 

Would you pay $200 for french-fries or €5,000 for a burger? Your rational response is to say ‘no way!’. But what if these food items deliver the most opulent, dreamlike culinary experience you ever had? Would you be tempted then?

 

So called ‘collectible experiences’ – where both the price and the indulgence of common consumables or services are raised to outlandish heights – is fast gaining popularity. Demand for such over-the-top experiences is being fueled by the pandemic – inspiring people to live more in the moment – and by new, imagination-expanding offerings – such as commercial space travel. It unlocks a fascinating dimension of consumer behavior, where high price becomes the catalyst for demand, rather than its deterrent.

 

Here is a really good, recent article on this phenomenon: https://www.bbc.com/worklife/article/20210823-why-people-pay-thousands-for-opulent-experience-foods

#customerexperience #consumerbehavior #spacetravel #smartstrategy #marketinnovation

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