How does the Veblen effect make you buy expensive products?

The Veblen effect, more commonly known as the snobbery effect, can easily be summed up as the fact that we, as humans, like or want to buy objects, not because we need them or because we especially like them, but simply because of their price. Yep, because they’re expensive. This effect was highlighted by the economist and sociologist Thorstein Veblen in his 1899 book The Theory of the Leisure Class. Veblen observes that if we look at the field of luxury goods, or at least those that allow people to identify themselves as belonging to a certain social class, the price decrease of these products results in decreasing interest of their potential buyers. 

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