A Veblen good is a type of luxury good for which demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. A higher price may make a product desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own.
A Veblen good is a type of luxury good for which demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. A higher price may make a product desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own.
https://en.wikipedia.org/wiki/Veblen_good