Definition, Meaning & Synonyms
pay-a-premium
phrase
/peɪ ə ˈpriːmiəm/
Definition
To pay an amount above the usual price for a product or service, often for additional quality or features.
Examples
- Many people choose to pay a premium for organic food due to its health benefits.
- In the tech market, some consumers are ready to pay a premium for the latest smartphone models.
Meaning
Paying a premium typically suggests that a consumer is willing to spend more money to acquire something perceived as superior or more desirable.
Synonyms
- spend more
- shell out
- upscale purchase
