Do you always get what you pay for? How consumers mispredict product quality

Consumers are willing to spend thousands of dollars for luxury brand watches such as Rolex and Cartier because they are synonymous with high quality. But does this mean that inexpensive watches made by low-cost rivals must always be low quality? According to a new study in the Journal of Consumer Research, consumers mistakenly predict product quality based on quality consistency in other price ranges.

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