Gucci bags often run into thousands of dollars.What kind of a pricing strategy is used by the company?

Question

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Price skimming is a strategy where a company charges the highest initial price that customers will pay and then lowers it over time. Gucci employs this by setting high prices for new, often exclusive products, targeting customers willing to pay a premium before gradually reducing prices if necessary.

Gucci Bags Often Run into Thousands of Dollars