Global demand for new products from luxury brands is growing strong and rapidly, with the consumers constantly buying them for different reasons as an addition in their life. The different reasons for why people invest in luxury brands is because it’s an elegant way for them to convey a sense of exclusivity, status, and wealth.
However, there is more to investing in luxury brands to convey a sense of exclusivity, status, and wealth because if there isn’t, the demand wouldn’t grow as high as it is today. Knowing that buying, using, and displaying the products from luxury brands you’ve invested in elicits various feelings, the drive to buy more of them is still unknown.
Given that the physical appeal, functionality, and durability of products from luxury brands are undeniable. The hefty price tag that comes with each of the products can be off-putting, especially if you don’t have a good-paying job or effective money-saving habits. Thus, here is the psychology behind why you should invest in luxury brands.
Setting Irrationality Aside
People are known to behave irrationally, especially when it comes to purchasing from luxury brands. You can even buy a durable and sturdy handbag below $100 but you’ll still choose to buy a bag from a well-known luxury brand. The desire of people to own elegant things in life is what makes irrationality common for consumers.
We tend to be irrational when it comes to purchasing luxury goods, there are still positive elements of investing in luxury products even if we tend to ignore the disadvantages. For instance, you buy the latest iPhone because of brand loyalty, you also think it’s unique and superior to other smartphone brands.
Viewpoints on Non-Luxury and Luxury Products
However, you ignore the fact that other phone brands such as Samsung make smartphones. With better features and camera as well as being partners with Microsoft to have a multiplatform experience. On the other hand, another smartphone brand called Xiaomi also makes good-quality smartphones at a much cheaper price range.
Other consumers tend to be quick at pointing out the disadvantages of products from non-luxury brands because they’re known to be inferior. When talking about car repairs, people think cheap foreign cars need repairs because they’ve been poorly made. But, if a luxury car is being repaired, people automatically think that it’s wearing away due to everyday use.
The mindset of consumers with regards to higher-priced goods such as those from Luxury brands have better materials and quality. The reason why setting irrationality aside can be challenging since investing in Luxury brands means you’re getting what you pay for. Affordable counterparts with similar features and the same functionality just won’t do.
Importance of Authenticity
Knock-offs that serve you the same purpose and have the same appearance just doesn’t feel right when you use or wear them. Investing in luxury brands may seem like we want to show off and belong to society, but genuine feelings don’t work like that.
Investing in luxury products such as iconic watches from Rolex or Omega builds up the sentimentality of the item. The luxury brands we invest in for us to wear in important events and occasions creates either a genuine feeling, memory, or pride that makes us feel good knowing that we worked hard to buy them.
The importance of authenticity of the products you buy should never be overlooked because luxury products will always have sentimental value. We tend to attach strong emotions to luxury goods because we reward ourselves for the accomplishments that we achieved.
Being rational as to why we should invest in luxury brands is simple, expensive products don’t only go by the name but also by the quality and durability of the materials. You should never think twice when investing in luxury brands because treating yourself to expensive products connects with how well you treat yourself.