Why We Love Luxury Brands (And You Do, Too!)
What makes us loyal to luxury brands? Experts say it's built into our self worth. When you buy things valuable you feel valuable all while knowing you barely have a pot to piss in.
The Luxury allure comes from the brand culture and experience. The eutopia we feel from before purchase, marketing/advertising, through after purchase, when you give it a story and pass it down to your firstborn. For most spending money on things we cannot afford is theraputic, and being broke tomorrow is usually a small price to pay for having it all today. YOLO!
According to a study published in the Journal of Experimental Social Psychology, low self-esteem is a big factor in whether a person will buy luxury goods that he may not be able to afford. For consumers trapped in institutionalized poverty or those living paycheck to paycheck, a luxury good can go a long way in increasing self-esteem or provide a sense of belonging. In China, men use luxury goods to show off their success and flaunt wealth. Chinese women, like American women, tend to purchase luxury goods in order to give in to hedonistic tendencies.
With marketing departments creating a need for luxury goods and the rise of online shopping, a $500 scarf is just a click away. Luxury goods are the ultimate retail therapy, and fortunately for luxury brands, the Internet has made them easily accessible for impulse shopping when you’re feeling blue. (Investopedia)
A sense of accomplishment is yet another reason why people buy luxury items. Gone are the days when your friends would take you to dinner or bake a cake to celebrate a new promotion; now becoming the boss means treating yourself to $1700 Louboutins.
There are certain things that require legitimacy. For instance, I may have a thousand dollar Cherry Zippy Wallet from Louis Vuitton but all my credit cards are maxed and I have 2 dollars in my checking account until Friday. Why? The brand has creatively woven itself into my emotional psyche. When I see that logo, I don't see a functional object, "Oh this holds money". I respond to everything that isn't functional, all those subtle queues displayed on the glossy ad pages of Vogue. There are many Gucci's in the world, Gucci Mane for example. But there is only one GUCCI. The best brands are GUCCI's.