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In view of the phenomenon of price difference in the primary and secondary markets of the streetwear co-branded products, the price premium mechanism of the co-branded products in the primary and secondary markets is analyzed respectively through theoretical framework and data empirical evidence. It collected 356 co-branded products and transaction information of 8 main brands and 102 partner brands for empirical analysis. The results of correlation analysis and regression analysis show that there are differences in the price premium mechanism between the primary market and the secondary market. The primary market price is set by the brand considering the product cost, consumer demand and market competition, and the price premium is influenced by the partner brand luxury, the main brand awareness, the difference in brand type and the price of non-co-branded similar products. The secondary market price is a reflection of consumers' perception of the product value, and the price premium is influenced by the main brand awareness and the price of non-cobranded similar products, while the effects of partner brand luxury and brand type differences are not significant. This means that the "big money" co-branded strategy does not significantly improve the value of streetwear products, although it can improve product pricing. [ABSTRACT FROM AUTHOR]