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Only Buziness

Business enthusiasti... • 1m

“The Pricier, the Better: How the Veblen Effect Drives Luxury Brand Obsession” The Veblen Effect is a psychological phenomenon where demand for a product increases as its price rises—because the high price signals status, not just value. Luxury brands thrive on this. When someone buys a ₹5 lakh watch or ₹1 crore car, they’re not just buying functionality—they’re buying prestige. The product becomes a symbol of identity and social proof. Scarcity, exclusivity, and limited editions amplify this effect. Even advertising for luxury avoids discounts or “value” language—instead, it whispers elegance, legacy, and access. In this world, higher price isn’t a barrier—it’s the attraction. That’s the power of perceived status. From Only Buziness

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