Why do luxury brands like Rolex and Ferrari keep raising prices?

Luxury market is forecast to reach a valuation of $2.8 trillion by 2030 , up from 1.5 trillion now, according to Bain & Company .

Luxury goods are powerful symbols of one ’s social status, and the more they cost, the more people want them.

We’re hard-wired to want to show off, but to what extent, and how we choose to do it, can vary.

Veblen’s work stated that people at every level of society would work to attain the symbols they perceive as belonging to a superior class.

The more extreme that disparity in a society, the harder people will strive, says economist John Maynard Keynes .

Social media has also made it easier than ever to know how much things cost.

In vintage luxury goods, the Veblen commodity is not just financial but intellectual or cultural.

The evolution of status signaling is a direct reaction to changes in the luxury industry.

Modern manufacturing has made it possible even for luxury goods to be mass-produced.

The proliferation of counterfeit luxury goods simply increases the ease with which people can access status signals.