The Psychology Behind Why People Buy Luxury Goods
We conclude that higher priced goods are of better quality
and we spend irrationally, believing you get what you pay for regardless of whether the goods are proven better than their affordable counterparts.
People buy luxury goods for a variety of reasons, all of which are related to the strong emotions that we attach to expensive material goods.
Now that we understand the psychology behind why people buy luxury goods, we’ll be better equipped to quash down any emotions
that try to convince the rational part of our brains that the more expensive something is, the better its quality
A sense of accomplishment is yet another reason why people buy luxury goods.
Speaking of Louboutins, you’d think rational people would buy a pair of black shoes for $50
and paint the soles red rather than spend hundreds on a pricey pair of luxury shoes.
Luxury goods are a great example of how irrational we can be; a decent
and sturdy handbag can be purchased for $50, yet people will still spend thousands to buy a brand name.
If we buy luxury goods to show off to others and to feel like we belong, why wouldn’t a facsimile do the trick?