Also, if a market is efficient, prices will closely track (marginal) use value. If a brand can demand a price premium, it's because their products are higher quality, and nobody has been able to produce a comparable product at a lower cost. Red Wing boots are more expensive than Timberland boots, for example, because they're made from full-grain leather and have good quality control, and they will last the rest of your life if you care for them properly. (They're more expensive than New Balance sneakers, too, but Nike sneakers are the same price as Red Wing boots without being of high quality, for the Veblen-good reasons you cite.)

That's why when I buy wine for my girlfriend I don't buy the cheapest brand. It's not that I think the wine market is efficient, particularly when I'm at a supermarket that can charge whatever price they want instead of comparing prices at https://1000corks.com/; it's that I think my ignorance of wine is deeper than the market's inefficiency.

I'm getting crazy deja vu, I swear I've read this exact thread before.

edit: I have https://news.ycombinator.com/item?id=27522826