Thorstein Veblen

1 Posts
1 Sections
1 Types

August 31, 2024 4 min read Definitions

Veblen Goods: Luxury Items with Increasing Demand as Prices Rise

Economics Consumer Behavior Veblen Goods Luxury Demand Economics Thorstein Veblen

Veblen goods are a unique category of products for which demand increases as the price increases, attributed to the prestige associated with these items. Named after Thorstein Veblen, this phenomenon highlights the role of social status in consumer preferences.