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Veblen Goods Explained – Why People Spend Ridiculous Amount of Money on Luxury Goods??? [Video]

Veblen Goods Explained – Why People Spend Ridiculous Amount of Money on Luxury Goods???

In this video tutorial, we talk about what Veblen goods are, what they look like, how they work, examples, advantages and disadvantages.

Chapters
00:00 Introduction
01:22 What are Veblen Goods?
02:04 Veblen Good Simple Example
03:22 Why people buy Veblen Goods?
04:27 What if the Value of Veblen Goods is reduced?
05:08 Real World Examples
06:40 Advantages
07:02 Disadvantages

What are Veblen goods?
Veblen goods are luxury goods whose demand increases along with their price. Therefore, these goods are considered status symbols and exclusive.
The nature of the Veblen goods completely contradicts the law of demand. The law of demand states the price of goods increases and the demand decreases. But Veblen goods demand increases along with the price increases.

Characteristics of Veblen goods
· Exorbitant price.
· Way out of the commoner’s affordability.
· Targeted towards the upper-middle class and the super-rich.
· Very few products.
· Sported by famous personalities.
· No discount.

Advantages of Veblen goods
· Boost the self-esteem of the consumer
· Provide incredible popularity.
· It may inspire other people to become rich.

Disadvantages of Veblen goods
· There are high chances of theft.
· The owner may face bitterness from society.
· An increase in price doesn’t mean superior quality.
· Increased likelihood of counterfeit.

For more details on this topic, refer to our article: https://www.wallstreetmojo.com/veblen-goods/

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