For this week's Rapid Fire Post, I would like to pick question number 4: Why do customers associate price with quality? When should prestige pricing be used? to talk about.

To open this post, let me tell you this story. Supreme is a huge brand name in the fashion world, they also are known as a part of hypebeast culture. Back in 1994, Supreme was just a small shop selling skateboard and related things. Their business is normal, not really well but not really bad. Then one day, when they released a small amount of T-shirt that printed their logo on it, they did not plan anything to make it become popular. But then it turns out so popular due to the small amount of their T-shirt. Some bodies resell it at a price that even higher than the store. Since then, Supreme always released their product is limited, due to that, they can raise up their product price. Now in 2020, Supreme can even sell a normal brick with its logo on it for $100000.

Actually, their quality of products is not that good. But they know what to do and make the right move when they need to. People normally love to put high-price stuff on their bodies, through that, people also see the quality through the price too. But if you want to have a successful business like Supreme, you have to build up your brand name really well. Buy high-price stuff is better than buy good quality stuffs, that is the mindset of young customers nowadays. And now supreme is not just normally a fashion brand anymore, they have sold some stuff that nothing related to fashion but then, someone still bought it with a super high price, and that is when prestige pricing is used.

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