All posts filed under: Luxury

The pursuit of luxury

Considering the benefits of spending more on wine. Luxury wine brands rank among a handful of product categories that are an outright contradiction of the law of demand. Known as Veblen goods after the American economist Thorstein Veblen, luxury products like wine, cars, jewelry, and artwork occupy a rarified status among consumers who are inclined to buy more as the price increases. While conspicuous consumption stands in direct opposition to the pursuit of quality for value that drives many a savvy wine buyer, neuroscientists have reported that when we buy luxury goods, we experience emotions of trust, security, contentment, and confidence over the duration of ownership. Apparently there’s more to the experience of drinking a bottle of ultra-premium Champagne, even if its lifespan lasts just a few hours during dinner. Authenticity and timelessness are considered the hallmarks of established luxury brands, but it’s possible for newly-minted brands to achieve a similar status when their underlying concept demonstrates those principles. Champagne is unquestionably a luxury product, and many brands and wines of the highest quality occupy …