What does everyone think about Veblen goods? For those who don't know, a Veblen good is a product that generates MORE demand when price is raised, instead of less. This is an exception to the law of demand.
I was just thinking about it today, and it seems like many 'luxury' goods have really high margins, because part of the product's value comes from its high cost and exclusive nature. I know SecretEntourage sells luxury goods; what is everyone else's opinions on this matter?
Is it smart for a newer entrepreneur to think about luxury items before they have experience selling cheaper/more common merchandise?
I was just thinking about it today, and it seems like many 'luxury' goods have really high margins, because part of the product's value comes from its high cost and exclusive nature. I know SecretEntourage sells luxury goods; what is everyone else's opinions on this matter?
Is it smart for a newer entrepreneur to think about luxury items before they have experience selling cheaper/more common merchandise?
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