This study examines the prestige of specialty coffee shops and the effect of the prestige on customers' willingness to pay a premium. More specifically, the study applied sub-dimensions of the experience economy (i.e., education, entertainment, esthetics, and escapism) as predictors of prestige. In addition, the study examined the differences in the sub-dimensions of the experience economy according to demographic factors. An online questionnaire survey was conducted with Koreans who had visited specialty coffee shops within the preceding six months, and 265 samples were used for the analysis. The results of regression indicated that all four sub-dimensions of the experience economy positively affect prestige, which in turn willingness to pay a premium. The result of the t-test and ANOVA found that there were significant differences in entertainment and esthetics according to age, education level, and monthly income. The results also identified that there was a significant difference in escapism according to marital status and monthly income.