What is another word for snob effect?
Pronunciation: [snˈɒb ɪfˈɛkt] (IPA) 
The snob effect is a phenomenon where people are willing to pay a premium for a product or service simply because of its exclusivity or perceived value. Synonyms for the snob effect include Veblen effect, status symbol, conspicuous consumption, and luxury bias. The Veblen effect is similar to the snob effect in that it describes a situation where the demand for a product increases as its price increases, but it also includes the idea that the product's status is derived from its cost rather than its exclusivity. Status symbols and conspicuous consumption refer to the display of wealth in order to signal social status, while luxury bias describes the tendency to overvalue luxury goods simply because they are associated with elite social circles.
