Veblen goods: Goods that are perceived to be exclusive as long as prices remain high or increase. Veblen goods get their name from economist Thorstein Veblen, who was one of the first to look into and write about conspicuous consumption and the concept of seeking status through consumption.
Veblen goods are often referred to as "status symbols".
High-status items such as luxury cars, expensive shoes or pricey watches remain appealing to certain consumers as long as prices remain high or increase. A decrease in the price of a Veblen good could cause it to become less exclusive, which may reduce consumers' fondness for it.
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