This is the theory that if it’s more expensive, it makes these things are more desirable.
A good example is the Louis Vuitton handbag. People don’t buy the item for any design detail… they don’t care. They buy it for the name. The acclaim the brand has made for themselves, through advertising or values customers like celebrities who they make an icon for the brand.
In short, people will buy for the name. This is best exemplified in the Louis Vuitton handbag; people don’t care for the design, just as long as it’s got the “LV” logo on it.
These high fashion brands make no money from the clothes, they do from the Veblen goods. The name they have built for their company. Selling cheaper –in comparison- goods, like handbags, wallets, perfumes or cosmetics.
In a way it’s saying the more expensive & unattainable it is, the better. Like showing how special you are. How precious you are. Because you can attain this expensive thing which must have taken a lot of money & effort to get to point of sale.