Those items which were intended by the manufacturer, the vendor, or the purchaser to be collected as a memento or a trading token are referred to as 'collectibles'. Some items which were never intended by anyone to become valued collectibles none the less achieve that status when their popularity soars. Sometimes, this happens as a result of such items obtaining additional significance, recognition, or emotional value in the larger popular culture.

There are many items that are sold under the rubric 'collectible', such as many corporate promotional items, that do not in fact ever become a bona fide collectible item because the requisite level of popularity is never realized. In these cases, the term is more of a marketing gimmick than a statement of likely popularity. Also, items people collect for another primary purpose, such as cans of food, are not considered collectibles.

When a particular item or class of items reach the collectible status, there is usually a secondary market that arises in their trading. The original purchasers will start buying and selling these items between themselves. This occurred, for example, in the Beanie Baby market.

When an item sells for a price which is much higher than its beginning retail value we say that a "craze" had affected its price. Crazes develop in a variety of areas and are often seen in stock or property markets. Supply and demand forces affect the price which can soar to incredible heights and then drop dramatically as the craze fades.

In times of economic hardship, when money is most needed, discretionary spending on collectable items plummets because the items generally do not serve a necessary function in people's lives in the way that food, housing or gasoline do. In a mature market, collectibles are not a very good investment, but may comprise a sensible portion of a diversified investment portfolio.

The term 'collecting' refers to the hobby of finding, purchasing, organizing, displaying, and otherwise working with collectibles. Antiques and vintage items are particular classes of collectible generally defined by their age. Antique items are generally considered to be those items more than a century old, whereas vintage items are generally considered to be between thirty and one hundred years old. Vintage Pepsi products and paraphernalia are very popular collectable items, as are similar items from the coca cola company, such as Coca-Cola glasses.

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