Identify and describe the three main types of New Luxury products.
Answer: The three main types of New Luxury products are:
1) Accessible superpremium products-They carry a significant premium over middle-market brands, yet consumers can readily trade up to them because they are relatively low-ticket items in affordable categories.
(2) Old Luxury brand extensions-They extend historically high-priced brands down-market while retaining their cachet.
(3) Masstige goods-They are priced between average middle-market brands and superpremium Old Luxury brands. They are "always based on emotions, and consumers have a much stronger emotional engagement with them than with other goods."