Louis Vitton does not have a monopoly on purses. Nevertheless, it's marketing efforts (along with Gucci, and the others) has created the perception that purses

Louis Vitton does not have a monopoly on purses. Nevertheless, it's marketing efforts (along with Gucci, and the others) has created the perception that purses are a luxury good. Ditto with diamonds. DeBeers associated this relatively common gem with luxury. From that point, the economics are driven by women. A woman does not want a cheap purse. A fiancée does not want a cheap diamond. The quality is irrelevant. What matters is how much the guy sacrificed for her. Sort of silly and irrational. But, it's true.