In the modern era, material possessions and their quality have become increasingly relevant, especially on social media. From buying celebrity sponsorships, limiting supply, and doing brand-deals with influencers, luxury fashion brands are willing to go to great lengths to attract customers.
Some question the reasoning behind many people’s spending on luxury brands. Junior Seth Brown thinks the motivation for luxury purchases is the social status they bring.
“It’s not about the product, it’s about the status,” Brown stated, “People buy them so they can show off to other people, and they like the praise they get from it.”
The implied status brought on by the branding of a product is a large factor in why many purchase them. This effect can be strongly observed in the younger generations. Younger generations experience more advertising that encourages them to buy. Generation Z has much greater interest in the purchase of luxurious brand-name products, as well as a much greater interest in making the brand of their products more visible to others. The increase in spending on luxury goods has caused some to call into question if they are truly worth their price tag, and whether or not they should be bought. Junior Viccenzo Minotti stated that while luxury brands often hold creative value, their price point calls into question the decision to purchase.
“I think they’re nice,” Minotti stated. “ I think some are really unique, and a lot of the stuff they come out with is kind of weird. They can come out with really good stuff though, and the only thing that’s a little off is that sometimes they’re a little too expensive.”
The rate of purchase of luxury goods has continued to grow very quickly despite some voicing concerns regarding the cost. Luxury goods are expensive, and the market, which is projected to continue growing, makes a lot of money. While some of that may be natural economic growth, a large portion of it is encouraged by the brands themselves. Brands like Balenciaga are known to send free products to large influencers and celebrities in order to promote their products. These influential figures can have a noticeable impact on the spending habits of their fans because many of these fans may try to imitate celebrities to act in accordance with the culture.
“I think people may buy them to fit in. Sometimes it’s not worth it; the money’s not worth what they’re selling, but they buy it to fit in and look nice,” Minotti stated.
Luxury brands and their perceived status extend beyond clothing and bags. Over the years, there has been the development of luxury cars, restaurants, homes, and other products and commodities that have gotten to even more exorbitant prices. These are typically characterized by their exclusivity and high costs, and are typically only purchased by the extremely wealthy. An example would be Rick Ross’ “Self Portrait Chain” which he bought for $1.5 million.
These extremely expensive products, which are almost exclusively purchased by celebrities, have created constantly rising societal standards for what someone should wear. People are expected to meet a certain standard with their clothes. These societal pressures can strongly influence people’s choices when it comes to clothing, and many often feel the need to compete with others. As societal expectations of a person’s lifestyle increase, it is no wonder why purchasing habits have changed. If this pattern is continued, exclusivity will become a prominent factor for purchasing now and in the future.
