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Some types of products and some brands defy the laws of economics and can charge whatever they want.

Something that fascinated me about branding is that some brands would be able to charge whatever they want. Some brands were known to be expensive, and people bought their products because of the high price not in spite of it.

It turns out that there is a whole class of goods that fit that category. They are called Veblen goods. These products are defined by when their price goes up, the quantity demanded also goes up. Their value is their price!

Read more about Veblen goods on my article on BMB:

https://brandmarketingblog.com/articles/branding-definitions/veblen-good/

Categories: Blog

Colin Finkle

Colin Finkle is an Industrial Designer working in Mississauga, Ontario, Canada. He is an industrial designer with a graphic specialty, meaning he has the rare talent in both 3D and 2D design, creating both the structure and the print graphics for any display. He has worked in the retail display and point of purchase industry his entire career, and had had the opportunity to work closely with clients like Warner Brother, Cadbury, Sony, and many others.

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