This was a pretty funny yet eye opening prank done by the company payless shoes. Apparently what they did was stage a brand new luxury store opening under the label Palessi as they invited fashion experts and wealthy folks to shop at the store. These shoes were the regular types you would find at Payless shoes for say $20.
Yet during this prank there were so many experts saying how fantastic the shoes were in terms of the quality and how they were willing to pay hundreds for them. In fact, people did end up paying like $200 to $600 for each pair. Afterwards the shoppers were told they have been pranked and were apparently given a refund while being able to keep the shoes.
A fun and smart marketing piece for the company. But the important thing I thought is how many times the value of an item simply comes down to perception. If you get people to tell you it is expensive and worth it while having quite a few influential people repeating the same thing then you feel silly to say otherwise. Don’t feel silly if you ever question the hype or true price value of a product. At the end of the day you truly are paying for the marketing and branding for a lot of items.