The Property Couch cover image

418 | The Hidden Forces Driving Property Values

The Property Couch

00:00

The Veblen Effect Is Regardless of Price, I'm Going to Buy It

There is some really interesting research in this area around what's called the Veblen social psychological model. States that consumer social and cultural backgrounds are important determinants in their buyer behavior. If my reference group is keeping up with the Joneses and that's the tribe that I want to associate with or relate to, that is an incredibly powerful instrument in terms of buyer behavior. Now one might argue that's irrational. Oh yeah, that's because we're humans. We're not we're not hiccons. We're actually humans. And if I've got $30 million and I want to buy a $5 million mansion and drop $10 million in renovating it because I want to

Transcript
Play full episode

The AI-powered Podcast Player

Save insights by tapping your headphones, chat with episodes, discover the best highlights - and more!
App store bannerPlay store banner
 Get the app