We hope you are doing well during this time. Learn more about coronavirus (Covid-19) from the World Health Organization.
Have you wondered why do people love to buy expensive things?
What about you?
If you will have $100,000, will you prefer to save and use it practically? Or will you buy something that you want to have? Like a designer bag, set of jewelry, or the latest car.
Will you take this chance?
Probably, you will grab this opportunity.
But have you imagined that after spending the money on something that is not necessary, what would be the effect of it in your life?
Nowadays, most people prefer buying expensive items than cheaper ones. A lot of people are patronizing consumer products that are branded and luxurious. Even if it is from their extra money or borrowed money, people don’t mind spending it. The happiness from buying these products is unexplainable, but still, people continue buying and patronizing them.
Why Do People Love to Buy Expensive Things?
Maybe there are valid reasons why people buy expensive products.
Buyers are loyal to the brand.
People tend to buy products from a brand that they believe is better than other brands of the same product. And, they may get attached to these products when using for a long time. They believe in the better quality and service they will get from the brand. It doesn’t matter if it is expensive or not.
Because of this, companies are competing to win the trust of their buyers. Competition is good because it results in improving their products and services. But, this also may cause to increase the market value of the products.
People loyal to the brand will continuously buy these products, whether the price increases or not. Buyers believe that spending big money is worthy than using a brand that they have not tested.
People can use the product for a long time.
Most people buy items that they know are a good investment. Even if the price is high, it doesn’t matter. People believe that when a product is expensive, it has high quality and can last for a long time.
Some people avoid buying cheap products. Because they know those products will not last long and will end up buying again and spending more money. Practical buyers plan and check which product to buy to save money in the long run.
People buy for their future market value.
It is a wise investment to buy something that you know you will earn money from it in the future, like jewelry. People tend to do this for the future growth of their money. People think buying things with a high future market value will secure them financially.
Some people who are also collecting expensive and limited edition items know that they can earn from the massive increase in the value of these items in the future.
The items are for professional use and marketing purposes.
People working, especially in the media industry, tend to use luxurious items to establish their image as influencers and attract deals from different companies. They use these for their career growth and earn more money.
Companies are also using this strategy, sponsoring influencers to use their products to attract consumers to buy their products.
Spending your money and buying luxury items is a personal choice. Once in a while, you need to reward yourself. Must avoid only impulsive buying to avoid financial issues. Always set your priorities on how you will spend your money. And make sure that you have savings in case of an emergency.