[anonporridge]

That's not quite true.

When it comes to certain luxury products, price increases actually do increase demand.

https://en.wikipedia.org/wiki/Veblen_good

It's why people pay thousands of dollars for a handbag cost maybe tens of dollars to produce. People like playing status games.

This effect is why third richest person on the planet is Bernard Arnault of Louis Vuitton, someone you've likely never heard of. He's currently wealthier than Bezos. He didn't actually improve our lives or revolutionize industry. He just latched into our primitive status seeking behavior.

[capableweb]

To be fair to Arnault, he isn't just CEO of Louis Vuitton but LVMH which owns something like ~100 brands, ranging from clocks, wines, fashion, cosmetics, boats, jewelry and other retailing. Although to be fair to you, most of what they sell could go into the "luxury" category.

It's likely he wouldn't be the third richest person with just Louis Vuitton and it's probably mostly because of LVMH.

[selfhoster11]

Graphics cards are not some idiotic luxury good. They are a tool, used for work or leisure, whose price points seem to be set at luxury level for essentially arbitrary business reasons.