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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.
But I think it has to go way up. If it goes up but not enough then it's an expensive thing, not a valuable one.
I think it works for slightly more expensive things too. Like absent any noticeable difference we would assume that a $5 hotdog was better than a $2 hotdog.
You may be thinking of Veblen goods, which are marked up to such a degree that the high price point is the point of the purchase. It makes the product more exclusive.
But a $5 hotdog is very expensive while a $2 one is just "a normal hotdog in an expensive place". It's the jump from the "normal" price. 2x is expensive. 10x is "exclusive".
Yeah you can play with the numbers, and it all depends on the economic context.