I am aware that there is an accessory known as the ‘Birkin bag‘, created by the fashion house Hermès in response to a need expressed by the late actor Jane Birkin. It has become a much-sought-after status symbol that the manufacturer exploits by imposing scarcity that results in prices ranging from $10,000 to $500,000. It has a waiting list for up to six years and is often resold at higher prices. It is an example of a Veblen good, named after the economist Thorstein Veblen who described “a type of luxury good for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve”, making them visible examples of conspicuous consumption and thus status-seeking symbols.
But just having a lot of money is not enough to get this bag and some people go to extraordinary lengths to try and obtain one, as this article attests.
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