However, to the extent that the perceived nature of such high status goods actually changes significantly with a substantial price drop, this behavior disqualifies them from being considered Giffen goods, because the Giffen goods analysis assumes that only the consumer's income or the relative price level changes, not the nature of the good itself.
32.
However, to the extent that the perceived nature of such high status goods actually changes significantly with a substantial price drop, this behavior disqualifies them from being considered Giffen goods, because the Giffen goods analysis assumes that only the consumer's income or the relative price level changes, not the nature of the good itself.
33.
A Giffen good should not be confused with products bought as status symbols or for conspicuous consumption ( Veblen goods ), although there may be some overlap as consumers are more likely to engage in conspicuous consumption as a way to engage in " aspirational spending " as a way to increase their social status.
