Saved by sari and
Luxury Beliefs Are Status Symbols
Veblen goods defy the traditional economic logic where a price of a good or service is inversely correlated with its demand. Instead, they are socially positional: high-end fashion, watches, cars, wine, organic food, travel experiences, and practices of self-actualization visibly and publicly convey the appearance of success, wealth, status, identi
... See moreAna Andjelic • The Business of Aspiration: How Social, Cultural, and Environmental Capital Changes Brands
How luxury transformed from opulence to populace, and what it means for brands
Sara Bernatamericanmarketer.com
A luxury good is one where the price paid is much higher than the apparent utility it offers. We pay extra precisely because it’s not a good value. The utility lies in how we and our peers think about it. The scarcity and bling of a luxury good are used to increase our status (in our own eyes and those in our cohort).