CogBlog – A Cognitive Psychology Blog

Have you ever wondered why consumers prefer luxury products? Many luxury products do not offer significantly more features than their standard competitors, yet they command a much higher price in the market. There are a multitude of factors that lead to consumer preference for a luxury brand or product, such as aesthetic appeal or brand status. Researchers in a study titled “Priming Thoughts About Extravagance: Implications for Consumer Decisions About Luxury Products” investigated the underlying cognitive processes that govern our decision-making regarding luxury products. Read more…