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Nike's new LeBron James shoe will be the company's priciest yet, and herald the start of higher sportswear prices.
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The Veblen Effect states that an increase in price increases perceived value in a product or service. Plenty of pairs of Nike shoes are extremely expensive because Nike's marketing team is utilizing the Veblen Effect to its fullest extent. By making such expensive shoes, they're suggesting that the shoes themselves are special somehow. The exorbitant increase in price makes the shoes a status symbol, adding value purely with a price tag.
While they’ve been known about for a while (LeBron first wore them for Team USA’s gold medal game win over Spain at the Olympics), Nike’s latest LeBron James sneaker model, the LeBron X (pictured above), is the talk of the sports/sneakerhead internet today. The main reasons why: It’s a bold-looking shoe. The red, white, and blue colorway (again, Olympics, so that makes sense). The gold swoosh (which might be a limited-edition touch).
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