Part of the value is (apparent) exclusivity [1]. Expensive strongly correlates with aspirational value as more expensive becomes more exclusive but being expens

Part of the value is (apparent) exclusivity [1]. Expensive strongly correlates with aspirational value as more expensive becomes more exclusive but being expensive is not always required. You can have normally priced goods, that are exclusive(limited editions). There are plenty of "luxury" products like sneakers/ watches or cars or graphic designed items that actually retail for (relatively)reasonable amounts but almost impossible to buy as you need to be invited to a waiting list or some other convoluted gating mechanism . Getting on the waiting list may need to you buy a ton of other less in demand products / wait for years / be popular or famous etc. John Ive was head of design at Apple after all, apparent exclusivity from rest of us and keep commanding the premium they do is like the defining characteristic of Apple as a brand.