Expensive Luxury Gadget

There are also goods that are perceived as luxurious by the public simply because they play a role status symbols as such goods tend to signify the purchasing power those who acquire them. These items, while not necessarily being better (in quality, performance, or appearance) than their less expensive substitutes, are purchased with the main purpose displaying wealth or income their owners. These kinds goods are the objects a socio-economic phenomenon called conspicuous consumption and commonly include luxury vehicles, watches, jewelry, designer clothing, yachts, as well as large residences, urban mansions, and country houses.
Market characteristics
Some luxury products have been claimed to be examples Veblen goods, with a positive price elasticity demand: for example, making a perfume more expensive can increase its perceived value as a luxury good to such an extent that sales can go up, rather than down.