It is commonly known that money can’t buy happiness. But, for some other people believe money can buy you a Ferrari which will most likely bring you happiness. Luxury goods are rare to have, not everyone can afford a watch that costs eight-thousand-dollar, a one-million-dollar car or a-ten-million-dollar house. And so, these products give you the feeling of being unique and different from other people, it lets you stand out. But why do we value expensive luxury goods that we can’t even afford assuming those goods will make life easier for us or maybe happier?
- Cheap means lack of quality:
When we buy expensive things, we value it and take care of it more ad it shows quality, on the contrary when we get the chance to buy cheap things we always assume it has very low quality. A study by The California Institute of Technology and Stanford University has been made about how people get the best experience out of things that were sold for more money than what they really costed , A study about a pain killer, participants who took a fake pain-killing drug that they were told cost $2.50 per pill experienced more pain reduction than participants who were told the pill costed only 10 cents.
For us price matters so much in determining the value of the product, We assume the more expensive the product or the good the better the quality or the effectiveness. When in fact a cost of a product isn’t the best indicator to its value, specially to its value for us. A one-thousand- pound watch is the same as a two-hundred- pound watch, both indicate time, and in this case, cost doesn’t show value, there is design, shape and color. You just have to establish your own value for things regardless of their price.
Luxury products are often an indicator for wealth and success. And being able to purchase those products gives you the sense of belonging to this “wealth and success”. And so, it boosts your self-confidence, because in such case it will let others view you as wealthy and successful too.Also, Brands represents identities, And it gives you the freedom to choose the best identity that can represent you to the society you live in, and by giving you the choice it lets you feel more satisfied with yourself and in control of how you want others to see or view you.
- Businesses role in selling the expensive products:
Marketing for brands plays an important role on our feelings and emotions towards the product. And so, it can easily guide us into making our purchasing decisions. There are millions of billboards out there ,TV and social media ads that tell you how good/easier/better your life can get if you became a customer to the brand, And so it plays on the emotions associated with your judgement of the product. Our emotions reveal what is important to us, And with ads all over the world granting you get a different easier happier life, it just leaves you eagerly wanting to fill that need for that emotion of wanting to stand out differently by actually purchasing the product.
At the end, cost isn’t the only indicator for a product’s value, and a product’s value isn’t an indicator of how successful you are or how people should view you. Because, people shouldn’t value you for the car you own or the perfume you wear, but rather for who you really are. Also, being able to buy expensive things doesn’t make you better than someone else, it just means you can easily afford it.