If people are willing to pay more for a product, it's not wrong of the business to take advantage of that and raise the price. Something is worth what people are willing to pay for it. You could also make the argument that diamonds don't have any real value, but people still shell out thousands of dollars for them. If people are willing to pay, it's fine for the business to get what they can for a product.
I think it is ethical for businesses to take advantage of the Chivas Regal Effect, as long as they are not cheating consumers. It is the customer's perception that you must go by. If your product does not sell at a lower price, but will sell at a higher price, I think that is fine. You aren't deceiving your customer.
Businesses looking to take advantage of the Chivas Regal Effect are not being unethical. This is the practice of raising prices in order to create the perception of a quality and luxury brand. Consumers can do their own research. If the product or service does not meet expectations, consumers will quickly realize and switch.
The Chivas Regal Effect is know as the high pricing strategy or the perception by consumers that a high price must mean high quality. If a product is fairly priced according to the cost of production and distribution then the consumer is able to make a buying decision that is fair to all.