Story power
Is a $200,000 Birkin bag expensive? After all, it only costs $800-1,400 to produce. It’s a $1k bag with a $199k story attached to it. What’s the story? For its target market, it’s the feeling of being a better, more important, higher status individual than everybody else around them. A Rolls-Royce Phantom sells the same story for $500,000. A whopping $301k more expensive story than the Birkin, yet designed to achieve the same feeling. For the target market, the Birkin...