According to the law of demand, as the price of a good increases, its buyer decreases, or as the price decreases, the consumption of that good increases, but there are many different scenarios that do not comply with the law of demand and affect what and how much people will consume. One of these is the "bandwagon effect", the fashion or herd effect, in which the demand for a good increases as other people buy it. For example, the increase in the prices of smartphones does not reduce its consumption because the majority of them owning a phone will lead the individual to buy a smartphone. The opposite of this is the "snobby effect", that is, the snob effect. The snob effect is an effect that discourages an individual from buying that good as the consumption demand for a good increases, since that good is available to everyone..
These scenarios are similar to the consumption habits of many of us. Although its impact is strong, it is in our hands to make smarter and more appropriate choices and to have a correct consumption understanding.
Res. Asst. Merve Tosun
