Veblen goods, conspicuous consumption

It costs around $800 to make, but sells for upwards of $7,000. Is the Hermès Birkin bag a classic Veblen good?

The economics of the world’s most expensive bag

Why does Hermès make its Birkin so hard to buy?

ECON.ST

In economics, Veblen goods are types of material commodities for which the demand is proportional to its high price, which is an apparent contradiction of the law of demand;Veblen goods also are commodities that function as positional goods.

Veblen good - Wikipedia, the free encyclopedia
https://en.wikipedia.org/wiki/Veblen_good

conspicuous consumption

NOUN

[MASS NOUN]

Expenditure on or consumption of luxuries on a lavish scale in an attempt to enhanceone’s prestige:an age of increasing conspicuous consumptionthese mansions were seen as monstrous monuments to conspicuous consumption

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