The Veblen Effect: Luxury Products and Conspicuous Consumption in Behavioral Economics || Season 8 || Behavioral Economics in Marketing Podcast

The Veblen Effect, with its roots in the desire for social distinction, has illuminated the complex interplay between consumer choices and societal signals of status. This episode has unraveled the mystique behind the allure of luxury, showcasing how the price tag of certain goods becomes a symbol of exclusivity and prestige. In the tapestry of behavioral economics, the Veblen Effect serves as a poignant reminder that, in the world of luxury, value is not solely derived from utility but is intricately woven with the threads of social perception and aspiration. As consumers continue to navigate the intersection of desire and societal signaling, the Veblen Effect remains a compelling force that shapes the landscape of conspicuous consumption and challenges traditional economic theories.

Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix.

Sandra Thomas-Comenole | Host | Marketing professional with over 15 years of experience leading marketing and sales teams and a rigorously quantitative Master’s degree in economics from Rensselaer Polytechnic Institute. Check out her Linkedin profile here: Sandra Thomas-Comenole, Head of Marketing, Travel & Tourism