Interesting post at Blueprint For Financial Prosperity about how savvy marketers can drive up prices and create demand where there previously was none. The base idea being that black pearls were never desired or valuable until a wise man threw an outlandish price tag on them and hung them in a store front. It reminds you that lobsters were once considered the unwanted food of “commoners.” One man’s trash, right?
A brief touch on the other products he mentions:
- Bottled Water: I think I’ve made my views here known. If you live in any locale on this planet with potable water, you’re a fool for buying this.
- “Enhanced” Water: If you’ll pay over a buck for plain water, how much can we get if we add some sugar or taurine or caffeine and bill it as “vitamin water” or “energy water”?
- Diamonds: Sort of chicken and egg, y’know? Are diamonds expensive because they’re prized, or prized because they’re expensive?
- Wines & Spirits: Multiple studies have shown that peoples’ perception of wine increases with the wine’s price. I’m not enough of a conniosseur to say I know cheap from expensive. My eternal quest is to find the best wine you can buy for under twelve bucks. It used to be ten, but there does seem to be a lot better selection in that $10 – $12 range. And I try never to order wine in a restaurant ($8 a glass?!?).
- Coffee: You know the words, sing along. You don’t get ahead in life spending $5 for a cup of coffee regularly.