The recent new trend so that buyers will receive a high-end product at an economical cost. The price of the "masstige" product lines will be higher than the mass line and lower than the premium line. What do brands do to convince customers?
What are Masstige Brands?
Masstige is a marketing term meaning downward brand extension. The word is a portmanteau of the words mass and prestige and has been described as "prestige for the masses".
Masstige products are defined as "premium but attainable" and there are two key tenets: (1) They are considered a luxury or premium products, and (2) They have price points that fill the gap between mid-market and super-premium.
Although these brands are not luxury brands, they still rate higher than middle-market brands on the major dimensions of luxury products. Masstige brands concentrate especially on creating symbolic benefits and prestige; they care very much about design.
"Where luxury products represent status and exclusivity, masstige products rely more on tapping into emotions and values shared by people at many income levels and many walks of life." (Silverstein and Fiske 2003)
The “masstige” products are intended to attract customers who want a high-end experience but cannot meet the expensive prices of luxury brands.
Research by Keji Adebeshin (2015) has pointed out four main reasons for the popularity of masstige brands based on user psychology.
Differentiation – when people buy from masstige brands it “gratifies a desire to be different from others to express personal tastes and to appear hip, stylish and unique”.
Belonging – masstige products are used as a tool to form the basis for relationships, to impress others, and to belong with others through collective consumption.
Self-Care – Purchasing masstige products activate a self-care dimension where people purchase these products for special occasions or just to treat themselves.
Excitement – People have reported that masstige brands provide a sense of adventure and liberation.
Why Masstige Products Are Potential?
Masstige products have good growth potential for a variety of strategic reasons.
Industrial production: First and foremost, masstige products are manufactured industrially. High-end fashion can require a huge investment of money to build brand image and value. But for masstige products, it is possible to build efficient and scalable business models, establish partnerships with manufacturers, who will develop products using specialized manufacturing plants. High competition for the type of product being developed and the creation of some products allows economies of scale to be achieved, due to the expansion of distribution channels. this is a larger-scale business model, which luxury brands can approach in tandem with their vertically integrated selective distribution strategies.
In addition, we need to consider how masstige products can help grow a broader customer base. By giving customers the chance to get branded products they can afford. Not all customers will be able to continue buying the main pieces of the collection, but some customers can develop the potential to become loyal high-fashion customers.
Sometimes, brands from different sectors can find effective synergies by looking at how seemingly very different brands can develop a common strategy.
Sources: 1. fashionispsychology.com, 2.440industries.com, 3. wikipedia.org