伴随我国人均可支配收入的稳步增长，中国奢侈品市场呈现出广阔的发展前景，到2025年市场规模预计占全球的25%。同时，奢侈品消费已向更广阔的大众市场拓展；其中，年轻客群基数庞大，且年轻消费者正加速进入市场。为迎合奢侈品消费的大众化与年轻化趋势，奢侈品牌与大众品牌纷纷进行跨界合作，推出限时销售的联名产品；此类联名属于平价奢华战略，旨在触及大众市场潜在客户，同时维持品牌高端定位。本研究旨在帮助奢侈品企业理解大众消费者对于联名营销的态度与偏好，以及联名营销对奢侈品牌本身短期与长期中的影响，从而为奢侈品企业提供策略建议。本研究通过联合分析实验及对照实验共两阶段实验完成。对于联名产品特征进行分析，本文发现产品价格、奢侈品牌选择以及大众品牌类目选择对消费者购买意愿有显著影响，属性重要性依次递减。消费者对于高端且年轻化的奢侈品牌所推出的联名产品抱有最强的购买意愿。大众市场消费者对奢侈品牌联名产品具有较高的价格敏感性。消费者对奢侈品牌与潮流服装品牌以及家居品牌的联名产品抱有最强的兴趣，这种兴趣受到品类契合度、消费者购买动机及诉求的影响。然而，由于大众消费者对价格较为敏感，当联名产品定价高昂或联名品类单价较高时，产品吸引力并不一定促成购买；在本实验中，由于奶茶的基准价格低、功能性需求低、消费频次高，当溢价程度相近时，消费者对奶茶产品的购买意愿显著高于家居产品。进一步探究上述联名营销对奢侈品牌本身的作用，本文发现品牌资产受到联名营销的影响，但不会进一步作用于品牌态度。实证表明，消费者对奢侈品牌的感知质量会因联名行为而显著下降，在不同品类中价格对感知质量的负向作用存在差异。同时，联名行为不会显著弱化消费者对品牌独特性的感知，但不同联名策略效果间存在显著差异，因此仍应当选择适宜的联名品类与定价以巩固消费者对品牌独特性的感知。最后，由于联名产品与母品牌间仍存在一定的品牌隔离，因此低频、短期的联名营销活动不会对消费者品牌态度造成显著的负面影响。如果企业能够在开展联名营销前进行充分的策略评估与市场调查，该策略在品牌建设的意义上是较为安全的。

With the steady growth of per capita disposable income, Chinese luxury market shows broad development prospects, and the market size is expected to account for 25% of the global market by 2025. Meanwhile, luxury consumption in the mass market has been boomed, contributed by huge young customer base, and more young consumers are accelerating pace of entering the market. In order to attract and retain the mass market customer and young generation, luxury brand conducts co-branding campaign with mass-market brand in various industries and launches limited co-branded products, which is considered as masstige strategy, aiming to reach potential customers in the mass market while maintaining high brand position. Our study helps luxury enterprises understand the attitudes and preferences of mass consumers towards co-branding, as well as the short-term and long-term impact of co-branding strategy on luxury brand, thereby providing marketing advice for luxury brands. The study consists of conjoint analysis experiment and control experiment.As for the characteristics of co-branded products, our study demonstrates that price, luxury brand and mass brand category significantly affect the purchase willingness of customers, with the importance of above attributes in descending order. Consumers have the strongest willingness to purchase co-branded products launched by high-end and younger luxury brands, but they are quite price sensitive. They have the strongest interest in co-branded clothes and home supplies, which is influenced by the brand fit among the brand alliance, consumer purchase motivation and demand. However, given the fact that freshly made drink features low price, simple functionality and high purchase frequency, consumer purchase willingness for freshly made drink (e.g. milk tea) is significantly higher than that of home supplies when the price premium for co-branded luxury products of different categories appear similar.In aspect of the impact of co-branding marketing on luxury brand itself, this study finds that some factors of brand equity are significantly affected, but brand attitude stay unaffected under our experiment scenario. Empirical evidence shows that consumers‘ perceived quality of luxury brands will be significantly reduced after they are told the luxury brand has launched a co-branding campaign with a mass market brand, but the negative effect of low price on perceived quality differs according to different categories the mass market brands belong to. Besides, there is no evidence that co-branding campaign will weaken consumers’ perception of brand uniqueness, but the perceived brand uniqueness differs when the luxury brand cooperates with mass market brands in different industries. Therefore, luxury brand should be cautious while selecting partner and making pricing decision so as to consolidate consumers’ perception of brand uniqueness. Since brand isolation prove to exist between co-branded products and the parent brand, co-branding marketing in low frequency will not significantly harm customers’ attitude towards the brand. In conclusion, if a luxury enterprise can conduct thorough strategy evaluation and market research in advance, it’s is safe and beneficial to launch co-branding marketing strategy in terms of brand building.