Which pricing strategy is often associated with retailers offering unique and high-quality products?

Prestige pricing is a strategy used by retailers who offer unique and high-quality products that are perceived as luxurious or superior to alternatives in the market. This approach involves setting higher prices to create an image of exclusivity and exceptional quality. The goal is to enhance the perceived value of the products, attracting consumers who are willing to pay a premium for such items.

This strategy resonates well with consumers looking for distinction and status associated with their purchases. By maintaining higher prices, retailers signal that their products are not just functional but also carry a certain prestige, thereby appealing to a target demographic that associates price with quality. This can be particularly effective in industries like luxury goods, fashion, and specialty items, where the brand's image is critical to its identity and consumer appeal.