Veblen goods
Luxury goods for which demand increases in line with their price. They are named after Thorstein Veblen, who described the phenomenon of “conspicuous consumption” in the late 19th century. Ownership of these goods confers social status, so their high price makes them more desirable by indicating that the buyer is part of the elite. As the saying goes: “If you have to ask the price, you can’t afford it.”
