Curious why would anyone pay 3K for nike sneakers made in china. There has to be lots of pent up demand for goods. Do millionaires actually buy them? http://www.cnbc.com/id/39765237
Think about it. I paid 120 for my first pair of Air Jodans when they first came out. That was 10 or so years ago. In Texas people by boots fro 500 to 5000. Nothing different......if you have the Money to Spend....have fun and buy!
Not sure it has anything to do with inflation; it is the brand thing. People pay crazy money for vanity reasons.
Veblen good. All you need to do is sell something for a very high price and limit supply so that those with lots of money suffering from one or many DSM-IV conditions could go and buy this item so they can show the world how exclusive and wealthy they are. non wealthy do it as well but borrow. This was big during the housing bubble and tons of fake rich people driving C class mercedes (Taxis in europe) and jaguasars (Those Jaguars based on a taurus body by ford) with of course the favorite Hummer H2/H3