Let’s assume that we are going to conduct a market survey, asking males/females about why they purchase expensive brands. I can tell that you are thinking about answers right now. Quality might be the first thing that comes to your minds, “looks better” might be another reason, and many other reasons that differ from one person to another.
But the fact is that no one will admit that these brands make you feel better! What is the difference between buying a polo shirt from Lacoste or a polo shirt from Mobaco? Yeah, quality is not the right answer! First, let me explain why I’m choosing those brands specifically.
Let’s conduct a very simple experiment! (This was my graduation thesis) Two polo shirts of the same color were presented to participants, the brands were totally hidden. They were asked to write the price they are willing to pay based on any other factor other than the brand name. Excluding this factor led to choosing Mobaco shirt over Lacoste! They were willing to pay more for Mobaco!
Now unveil the brands! BOOM! The equation totally changed, without even thinking the participants were suddenly willing to pay more. Almost 800% increase in the price they were willing to pay without knowing the brand.
Is it the quality? Definitely not
Brands make us feel better wearing them! We convey a message to other people by wearing them.