Veblen good

Named after economist Thorstein Veblen, who first pointed out the concepts of conspicuous consumption and status-seeking.^[1]

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Veblen good (plural Veblen goods)

1. (economics) A luxury item for which demand increases as its price rises, defying the standard law of demand due to its role as a status symbol.

• Not to be confused with Giffen goods, for which price rises increase purchases not because consumers enjoy the goods any more but simply because consumers have less purchasing power (and no viable alternative). For Veblen goods, purchases increase because the good is enjoyed more (e.g. for status reasons) when its price is higher.