Why humans crave expensive things just because they're expensive: The science of Veblen goods
Nothing exposes human folly quite like our willingness to pay more for something simply because it costs more.
These "Veblen goods," named after economist Thorstein Veblen who first mapped this peculiar behavior, reveal how deeply status-seeking is wired into our psyche. People aren't just willing to pay premium prices for luxury cars and designer handbags— they actively desire these items more when prices surge. As noted in Wikipedia, wine drinkers even convinced themselves identical wines tasted better when told they carried a higher price tag.
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