Most things increase in demand as they get cheaper — as the price of electric cars comes down we can expect more people to buy more of them. Veblen goods are the opposite. They thrive on exclusivity. Veblen goods are more desirable exactly because they are more expensive. If everyone could buy a Rolex, the vintage whisky, or that supercar, then they wouldn't seem so super anymore. Many luxury items are veblen goods.
The I Am Rich iPhone app briefly sold for $999.99 and displayed only a glowing red gem and a mantra about being rich. Genius/madness.
Veblen goods are named after Thorstein Veblen, coiner of the concept of conspicuous consumption.
You’re welcome to use and share this image and text for non-commercial purposes with attribution. Go wild!