The consumption of Veblen goods is a function of the Veblen Effect . A which is precisely this interest in acquiring goods due to their high price. This name is a tribute to the American economist and sociologist Thorstein Veblen. A who was the first ostentatious consumer items researcher to identify conspicuous consumption as a way of obtaining social prestige in his work The Theory of the Leisure Class (1899).
As you can see. A there are several types of goods that are not acquired with the aim of providing social status. A but rather to satisfy basic needs. A offer greater comfort and entertainment. A or even provide a solution for the consumer. Therefore. A possession of the object does not mean a factor of prestige in society. Veblen goods. A on china phone number data the other hand. A fall into a different category.
But why are these goods important and how to sell them? Find out more in this post!
How important are Veblen Goods for the economy?
Veblen Goods are purchased by a very specific ostentatious consumer items group of people . A much smaller than other consumer groups. However. A even though this group of people is restricted. A since the high price is what determines the purchase. A with few sales a company focused on this specific audience can obtain a high profit margin.
Therefore. A these consumers who value 7 easy steps to create a membership website in 2023 ostentatious consumer goods make a great contribution to the economic sector. Furthermore. A as they seek increasingly innovative. A distinctive and high-quality products. A they enable investment in new technologies and possibilities by companies aimed at serving these customers.
For example. A in the automotive sector
A several extremely luxurious cars are developed with a multitude of controls. A technologies and ostentatious consumer items possibilities that require a high investment on the part of companies to develop them.
Therefore. A if there were no public willing to purchase these consumer goods at a high price. A there could not be so much investment. A as other consumer audiences value the cost-benefit ratio or just the price of the merchandise more.
Furthermore. A according to researcher Camila Matile Silveira. A from the State University of Campinas (UNICAMP). A large luxury contact lists conglomerates are less affected by economic crises.
How to sell this category of products?
Are you interested in this consumer ostentatious consumer items audience? Then follow some tips below on how to identify and understand the aspirations that drive these customers:
1. Know your target audience well
The first step to winning over this audience is to get to know them. Researcher Camila Matile Silveira mentions in her study “ Analysis of consumer behavior in the luxury market in Brazil and understanding of purchasing behavior ”. A published in 2015 by UNICAMP. A that. A in general. A obtaining ostentatious consumer goods takes into account psychological and social factors. A while factors related to the product’s advantages. A such as quality. A safety. A reliability. A comfort and design. A are considered secondary.
Therefore. A identify which products your company can offer that have the characteristics that best meet the needs of this audience that values the exclusivity and social status that a product can offer.