Think about that for a second—something with a high price is preferred over the same thing at a lower price!
This especially true in the "audiophile" community but usually say "more desirable" rather than "preferred".
consumers will be even more likely to choose the more expensive product.
Most consumers are more practical and economical, so no, they don't don't actually
choose the more expensive product. Even most audiophiles don't actually buy the most expensive product or even the most expensive product they could afford, but they probably want the higher priced one and they might spend more (perhaps a lot more) than the average rational consumer.
I don't remember what the product was, but many years ago there was a catalog with something super-expensive on the cover. Somebody older and wiser said, "They don't expect to sell any of those but they hope you'll buy something else from the catalog."
Speaking of supercars... I've always sort-of lusted after a Lamborghini or Ferrari and I thought if I was rich I'd buy one. But a few years ago I was watching Fast and Loud where they repaired a totaled F1. During the repair somebody broke the new windshield and they had to order another one for $7800. And I just started thinking how stupid that is...
