Open a Sundance catalog and you will find a silver bracelet for two hundred dollars.
Somewhere, a silversmith made that bracelet. They did not charge two hundred dollars for it.
So what is the rest of the price?
It is the catalog. The photography, the paper, the writing, the selection and the enormous act of filtering thousands of possible items down to the few hundred that appear.
That filtering is the product. The bracelet is just what the product is attached to.
Which sounds like a criticism and is not, because filtering is genuinely valuable and genuinely difficult.
The interesting question is when it is worth paying for, and when you are simply paying someone to do a search you could have done yourself.
That question matters far beyond catalogs, and it matters most in the place you would least expect.