Premium and Value share traits yet have distinct lexicons
While consumers perceive Premium and Value differently, there is a strong interplay between them.
Generational nuances
Across the countries and generations, differences often reflect life stage. For GenZ and Millennials, Premium is time saving and incorporates indulgence while Value reflects convenience.
Older age segments say Premium reflects consistency and durability while Value incorporates reliability.
E-Collage™ helped uncover deeper understanding of consumers' visual, verbal and emotional associations with Premium and Value. Excitement is closely linked to both, however...
Premium is uniquely experiential
"Buying something premium can give people a feeling of standing out from the crowd." - Male, 20, China
Value is associated with savviness
"When purchasing a value product/service it makes me feel happy." - Female, 17, UK
Top of mind categories
When asked which categories come to mind for Premium and Value products, food, shoes/apparel and electronics straddled both.
Where products are sold influences perceptions
Consumers expect to find Value products in mass retailers, and Premium products in specialty stores.
Brands can be Premium or Value or both
Brands can be perceived as Premium or Value, while private label is only associated with Value. Key differentiators for Premium include a superior experience, a sense the purchase is worth it, because it is hand-crafted, beautiful, limited, prestigious or exceptional.
2200N; ~1000 US, ~400 UK, France, China
*eCollage is buzzback's patent-pending technique for eliciting emotions, plus visual and verbal associations.
