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Now we know how much it costs to make a $2,800 Dior bag
(www.businessinsider.com)
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this post was submitted on 03 Jul 2024
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It doesn't matter how much it cost to make, only what people are willing to pay.
Is that a Ferengi rule of acquisition?
Also, I have an Italian friend who sells jewelry and a long time ago he taught me that one of the ways to make something .... anything ... more valuable is to simply increase its price. If you price something cheap, people naturally think it's cheap ... if you price something as valuable, even if it isn't, most people will believe it is valuable and will be willing to pay the higher price.
That typically only works for luxury goods, but yes. A good that inverts the effect of price on demand is called a Veblen Good.
But that strategy probably wouldn't work for something like rice or shampoo or socks or drywall putty unless people start using those as status symbols.
Makes me wonder if those $80 Monster HDMI cables were lucrative. Might be that the rule applies not just to luxury goods, but for any good where the consumer is too ignorant of the market to have any frame of reference to compare to (e.g. the technologically illiterate).
Imo the price of those was justified solely by fraud. I.e. they lied about picture quality being better, etc. I also don't know that demand for those was all that high and am even more skeptical that it'd be driven by price.
Insane claims and matching prices is par per course in the world of "high end hi fi". It gets much, much worst than Monster overpriced digital cables.