the iphone is a veblen good

Veblen Good Definition | Investopedia
Definition of 'Veblen Good'
Goods that are perceived to be exclusive as long as prices remain high or increase. Veblen goods get their name from economist Thorstein Veblen, who was one of the first to look into and write about conspicuous consumption and the concept of seeking status through consumption.

Veblen goods are often referred to as "status symbols"

iPhone 5, a Veblen good in India - The Hindu
Why then is the iPhone, with its premium price tag, so popular? It is not because it was the first smartphone to hit the mass market, nor do its vast cumulative sales give it credibility in the eyes of the potential buyer. It's because the iPhone 5 in the Indian market represents what is classically known as a ‘Veblen good’.

Peoples' preference for owning such a device increases as its price goes up, because the higher price confers a greater status on having it.