Goods like exclusive designer clothes carry with them prestige value linked to their price.As a result, some people demand more of such goods as the price increases.For those people, such goods are Giffen goods.

Question

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Giffen goods specifically refer to inferior goods for which demand increases as the price increases because the income effect of the price increase dominates the substitution effect. Exclusive designer clothes are typically considered Veblen goods, not Giffen goods, because their increased demand with price is due to their status symbol rather than the income effect overcoming the substitution effect.

Goods Like Exclusive Designer Clothes Carry with Them Prestige Value