What defines a snob good?

A snob good is characterized by the idea that its desirability increases as its price rises. Consumers tend to associate higher prices with greater prestige or exclusivity, which makes these goods more attractive to certain buyers who want to distinguish themselves from others. As the price of a snob good goes up, it signals to potential buyers that the good is rare or luxurious, thus increasing its appeal among individuals who value status and social standing.

This concept is rooted in consumer behavior where the perception of a good's value is linked to its exclusivity. In contrast, goods that experience a decrease in demand as price rises do not fit this definition, as they are typically considered inferior goods or luxury items that do not elicit the same aspirational qualities.