Comment on Now we know how much it costs to make a $2,800 Dior bag
ALoafOfBread@lemmy.ml 2 days agoThat typically only works for luxury goods, but yes. A good that inverts the effect of price on demand is called a Veblen Good.
But that strategy probably wouldn’t work for something like rice or shampoo or socks or drywall putty unless people start usong those as status symbols.
Stovetop@lemmy.world 2 days ago
Makes me wonder if those $80 Monster HDMI cables was lucrative. Might be that the rule applies not just to luxury goods, but for any good where the consumer is too ignorant of the market to have any frame of reference to compare to (e.g. the technologically illiterate).
ALoafOfBread@lemmy.ml 2 days ago
Imo those worked because they lied about picture quality being better, etc. So the price was just justified by fraud - I also don’t know that demand for those was all that high and am even more skeptical that it’d be driven by price.
ours@lemmy.world 2 days ago
Insane claims and matching prices is par per course in the world of “high end hi fi”. It gets much, much worst than Monster overpriced digital cables.