Mitchell grew up on a farm wanting to be part of a lake family. He laments that anyone can visit the lake, but only wealthy families can sleep on a lake, implying that lake life if a luxury good. Now that he and Mitch have a bit more income, they get to experience the allure of sleeping on a boat.
Mitch, on the other hand, has discovered they own the same lamps that are on their boat and he isn’t too happy that they are “boat people.” Mitch likes the lamps a bit less after the discovery, but Cam likes them more. He sees the lamps as a display of wealth.
See more: demand, luxury goods, normal goods, positional good, subjective value, tastes and preferences
Economics of Modern Family 