Meaning of the word "in honor of" in English

What does "in honor of" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

in honor of

US /ɪn ˈɑnər əv/
UK /ɪn ˈɒnər əv/

Phrase

as a mark of respect for or in celebration of

Example:
The concert was held in honor of the late composer.
They named the scholarship in honor of their grandmother.