Giffen goods are non-luxury items that generate higher demand when prices rise, creating an upward-sloping demand curve contrary to standard laws of demand.

Simply put, a Giffen good is a paradox of economics where rising prices lead to higher demand, which is in contrast to the negatively sloped demand curve that students learn in Economics 101.

Good-quality watches are widely available for less than $100, but to qualify as a Veblen good, a watch would probably carry a four-, five-, or six-digit price tag. Veblen Goods vs. Giffen Goods ...

A Giffen good defies normal market behavior -- when the price of the good rises, demand for it actually increases. The existence of the phenomenon was first identified by a Victorian-era British ...