This 2006 cartoon needs some updating for 2025. “Everyone needs pretend nice things to get sick of.” Or “Everyone needs nice things to fall apart before they have time to get sick of them.“
From a December 2024 column in the NY Times-what once served as semiotic shorthand for the good life has gone haywire. In recent years, luxury of all kinds has become obscenely, disgracefully, inconceivably costly. What’s worse? As costs climb, quality hasn’t. In fact, it’s largely declined.
I’d change “costs” to “prices” Prices are what the consumer pays. And they are way up. Costs are what the purveyor spends to make the “good”. And they’re not necessarily up. For example: the $2,816 Christian Dior bags that were made in an Italian sweatshop for around $57. Now that’s a handsome profit.
You might think the Times columnist was a grumpy economist poking holes in the Veblen goods principle. But you’d be wrong. Katharine Zarrella ia a longtime fashion editor, who is publically betraying her industry. “These hoity-toity brands, which cheapened their essence and eviscerated their desirability with down-market celebrity partnerships, licensing deals and influencer advertising, have no one to blame but themselves.”
So much for the Veblen principle that higher prices for luxury goods don’t dampen sales but boost them. Nothing says luxury like some subpar, overpriced. superfakes at the outlet mall.
Don’t be duped by “bad” goods.