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What does luxury goods have to do with anything? A luxury good isn't a regular good that's simply been marked up 10x.
by eridius 10y ago
What does luxury goods have to do with anything? A luxury good isn't a regular good that's simply been marked up 10x.
- AndrewKemendo 10y agoThat's very nearly the definition of luxury goods, given changes to elasticity with income, with it being explicitly so for veblen goods.
- eridius 10y agoYou can't just take any product, mark it up 10x, and call it a luxury good. People would laugh at you and buy the regular one. A luxury good has to have some reason to justify its luxury status. In this particular case, the $60 NES Classic is already a luxury good. Marking it up 10x doesn't make it more of a luxury good, it just either means people who actually want to use the damn thing can't afford to, or must pay exorbitant prices.
- ctdonath 10y agoSometimes "luxury" is being the first to have something. Some find it worth $540 to have one of the first.
- jonknee 10y agohttp://www.barneys.com/product/golden-goose-distressed-superstar-sneakers-504100295.html http://www.barneys.com/product/golden-goose-distressed-super... You would be surprised.
- andrewem 10y agoOr to take another example, https://en.m.wikipedia.org/wiki/Birkin_bag https://en.m.wikipedia.org/wiki/Birkin_bag Edit: here's the Planet Money podcast episode I heard about them on: http://www.npr.org/sections/money/2015/12/25/460870534/episode-672-bagging-a-birkin http://www.npr.org/sections/money/2015/12/25/460870534/episo...
- nommm-nommm 10y agoUm isn't that exactly what designer purses and clothes are? A $300 pair of jeans doesn't cost 100x more to make than a $30 pair of jeans.
- eridius 10y agoA $300 pair of jeans also isn't indistinguishable from a $30 pair. And you're talking fashion here, where the value is derived from the associated brand. That's not at all the case with people buying up a $60 item and reselling it for $600. They are providing literally no value at all to the buyer.