Snob Effect

The snob effect is a phenomenon described in microeconomics in which demand for a good among higher income buyers runs opposite to demand for the same good among lower income buyers: the more common or widely owned an item becomes, the less desirable it becomes to a buyer motivated by exclusivity. This inverts the usual downward sloping demand curve, since the snob value of a good can rise as fewer units are available or as its price rises. The effect is driven by a wish among such buyers to own something unusual, expensive or unique regardless of how practically useful the item is, and it is commonly illustrated with goods such as rare artwork, designer clothing and sports cars. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/