A Veblen good is a good for which demand increases as the price rises.#
- Veblen products tend to be high quality, well made, exclusive and status symbols.
- Veblen products are usually in demand among wealthy consumers who rely on the usefulness of the product.
- Examples of Veblen merchandise include designer jewelry, yachts, and luxury cars.
- The Veblen demand curve has an upward slope, in contrast to the normal demand curve, which has a downward slope.
- Most often, when the price of a Veblen product rises, so does the demand; when the price of a Veblen commodity falls, demand falls.