“Premium price” means different things to different people according to their budget and their personal perceptions of value. But a simple universal definition is that the price is significantly more than you would typically pay for a particular wardrobe item.

I can think of many reasons to pay extra for certain wardrobe items. Superior fabric, unique design, an out of the ordinary colour, sublime fit, longevity and better-end quality all spring to mind.

When it comes to shoes, comfort is a big, big issue and that’s why my pockets are extra deep for footwear. To some degree this is desperation. I won’t compromise comfort or aesthetics and unfortunately that comes at a high price for my fussy feet.

I have to admit that sometimes a purchase experience conjures up so much positive emotion that I am happy to pay a premium. Like the time I bought two Anne Fontaine shirts in Paris, or when I recently purchased a pair of Prada boots in Milan. Of course, both of these examples have many of the other characteristics above — design, quality and fit — but there was also something enjoyable about the process that made it easier to part with the premium. Greg and I were having fun on vacation and these beautiful items are mementos of that, reminding me of our experience every time I wear them.

Do any of these reasons resonate with you? Do you ever pay a premium, and if so, why?