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prestige pricing

noun
1.
(marketing) the practice of giving a product a high price to convey the idea that it must be of high quality or status
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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Contemporary definitions for prestige pricing
noun

the practice of setting a higher-than-average price for a product to suggest prestige and status to consumers

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