Explanations
Why real saffron is so expensive
Graham Watson
28th June 2020
Is this perhaps the best example of a luxury good? Why does saffron cost £10,000 per kilo?
This Business Insider clip highlights the difficulties in producing saffron, with over 40 hours of labour required to produce 1 kilogram of the spice, made up of 450,000 strands of saffron, or 150,000 flowers. This clip details exactly why the spice is so sought after, and so expensive. It is fascinating from a microeconomics perspective!
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