Have you ever wondered why people buy expensive iPhones when there are cheaper alternatives available? The same goes for other products, like handbags, wallets, and clothes. Why do people like to flaunt expensive brands they buy when there are better alternatives available at a fraction of the cost?
In this article, we will explore the reasons behind these behaviors and how they relate to the concepts of self-worth and product perception.
- Status: The Value of Social Signaling
One of the main reasons people buy expensive brands is for the value derived from social signaling. Carrying an expensive handbag or wearing a designer outfit can signal to others that the person is wealthy and successful, which can boost their social status and self-worth.
- Quality: Better Performance and Durability
Some expensive brands are proven to perform much better than others, providing better quality and comfort. In some cases, the extra expense is worth it for the product’s performance, longevity, and the added value it provides.
- Perception of Quality: The Illusion of Cost
Expensive brands create the perception of quality, even when it may not be true. People may think that an expensive product is better than a cheaper alternative, even if the performance is the same. This is known as the “halo effect” and can be exploited by marketers to boost the perceived value of a product.
- Aesthetics: Attractiveness and Design
Expensive brands often have aesthetics and designs that appeal to an audience. People may be willing to pay more for a product that looks good and fits their style.
- Rich, Extra Extra: Overspending on Luxury
Some people have a lot of money and simply enjoy spending it. The more expensive the product, the more they spend. This behavior is known as “conspicuous consumption” and is often associated with the ultra-wealthy.
- Self-Worth Boost: Lack of Confidence
Many people who lack self-confidence may end up buying expensive brands to boost their self-worth. Brands create an “aura” around the person carrying them, which can make them feel more confident and valuable.
Buying decisions are often made both consciously and subconsciously. In many cases, the decision to buy an expensive product may be based on all of the above criteria, with varying weightages. In some cases, it may be guided chiefly by the need for signaling status and a self-worth boost, which has nothing to do with an objective analysis of the product.
But is it healthy to tie our self-worth to material possessions?
Why Do People Buy Expensive Brands and the Relationship to Self-Worth. Calculate your Self-Worth Score.
First, let’s answer a few questions to check our Self-Worth Score:
- Am I often self-conscious or worried about what others think of me?
- Do I base my sense of self-worth on factors such as my appearance, wealth, or social status?
- Do I often feel inadequate or inferior to others?
- How much do I value myself based on the brands I carry?
What are your answers? Give each question 25 points. What’s your Self-Worth Score out of 100?
Self-worth refers to a person’s sense of confidence in their own intrinsic self, value and importance, in their own eyes. It’s not a public perception of them (which they may never truly know). Many who lack self-confidence may end up buying expensive brands, as the value derived from these brands may help boost their Self-Worth Score and confidence in themselves.
Let’s get this straight. Buying expensive brands is not the problem. By all means, go ahead and buy them. But if buying expensive brands is guided by a lack of objectivity into the buying decision and product requirements itself, it’s something one should be vary about.
It’s not about how much money you possess!
But if the customer is not financially well placed, they may just set themselves up for future financial risks and stress. When the fact is one may not really need an expensive brand, just working on the lack of self-worth may suffice.
Self-Worth, Objectivity & Expensive Brands
Enhancing self-worth does not require buying expensive brands. It can be achieved through personal growth, developing skills, or pursuing hobbies that bring joy and fulfillment. Interpersonal relationships also help. Investing in oneself can provide a greater sense of self-worth than buying expensive brands.
In conclusion, there are various reasons why people buy expensive brands, but it is important to remember that these decisions should be made with care and objectivity. Understanding the psychology behind these behaviors and making informed, objective buying decisions can help us avoid overspending and improve our financial well-being.
And hey, if you make smarter buying decisions based on objective analysis rather than brand aura, you’d certainly get a confidence boost! That itself will take your Self-Worth a few notches higher!
