A LOOK INSIDE THE MINDS OF LUXURY BUYERS
Owning something from a renowned or availing the services of a prominent entity has been a new trend in today's age. Gone were the days when majority opt for what allows them to save more. Instead, individuals tend to pick the priciest of them all, whether they can afford to buy it or not.
Probably one of the most irrational practices of consumers that has evolved over the years is their rising pile of debt which is fueled by their mentality that everything they have must be from a luxurious brand. Nowadays, many will take a sturdy, $50 handbag for something that costs thrice as much just because they were modeled by popular TV icons.
One of the primary reasons behind this perspective is that people tend to consider the pros of a luxury good and turn a blind eye to its disadvantages, as they are carried away by the idea that their value alone justifies their quality. This is what makes the marketing departments of these products thrive. A perfect example of this would be Apple, in which every release of device is awaited by the public. While their features are not really unique nor superior and although many affordable type of devices are available, the smartphone giant always seems to make a record in terms of sales. Individuals tend to perceive non-luxury offerings as inferior while regarding flaws of an expensive one as mere damage from over usage, engulfed by the conclusion that the higher the cost, the better the characteristics.
Another study suggested this outlook is partly associated with low self-esteem. This is especially true for those who are always struggling to make ends meet, since being able to own a famous item gives them a feeling of belongingness and achievement, which is an instant confidence booster. For the males, having a luxury car is an opportunity to flaunt wealth, while for the women, a designer pair of shoes on their feet satisfies their self-indulgent tendencies.
The rise of online shopping further fuels this practice as a $500 shades is only one click away. Since expensive purchases are considered as retail therapy, the modernization of technology has made it easier for people to access what they feel like buying to cheer themselves up after a bad day.
While there are always imitation goods in the streets, this does not exactly give the same satisfaction as having the real one. A research states this kind of mindset is often developed during childhood and concludes that the feeling a person gets for being able to have a genuine luxury is part of the reason why they consider authenticity as a big deal. To make it more simple, treating yourself to fake Prada shoes is like not having treated yourself at all.
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