Quality or Price - What defines 'Premium'?

A study has shown this week that consumers define a premium product by the quality and not by its price. 76% of consumers polled say they define what is premium by its quality, while 51% said it was the price. Meanwhile 7 out of 10 shoppers said they didn't mind where they got the premium item, so long as they got a good price.

http://www.retail-digital.com/consumer_trends/51-shoppers-define-premium-on-pricing-76-percent-say-its-quality