More people are falling in love with luxury, and would go to any length to acquire a luxury item. Why is this so?
Ownership of a luxury item differentiates us from other people. Call it a class identity thing! Secondly, people are becoming more conscious of the fact that buying a luxury/quality item is more beneficial in the long run than buying cheap items.
Some luxury items may even have a resell value. Another valid reason might even be because of peer pressure. Whichever reason it may be, choices of owning a luxury item or cheap item is up to you – all things are purchased with money! The real debate is how to accumulate the money to pay for them.
What Is Luxury?
According to Wikipedia, a luxury good is an item which its demand increases more than what is proportional as income rises, so that expenditure on the good becomes a greater proportion of overall spending.
An important point from all definitions above on luxury goods, is that they are products mostly used by the upper class and are not a necessity. If this is so, would it make sense for aspirational people not in the upper class to save up to acquire them?
Need For Luxury Items
And so, to answer the question of whether saving to buy a luxury good is outlandish or necessary, we must first look at the advantages and disadvantages of buying or not buying luxury. It has been established that luxury brands make products that last longer, compared to fast fashion brands.
In other words, when people who spend a significant amount of money on luxury brands, they do so in exchange for quality.
Again, if we are to be honest, a boost to confidence and a more stylish look are positive factors that encourage people to shop for luxury items: you either take it or leave it. So, the next time you see a lady walk into a room with that magnetic aura, and a feeling like she has conquered the world, know that she has adorned herself with one of the latest designer outfits or a great quality item.
Most luxury goods like bags, watches and so on, can actually be regarded as “investment” items for their owners because they could be sold later at a higher price than the purchase price. At times, some designer brands deliberately release limited quantity of goods, so as the years go by, their prices appreciate.
These goods later go on to be sold at auctions as vintage goods costing thousands of dollars and exceeding their purchase or asking prices. In other words, luxury goods can be classified as a good store of value.
However, a major concern for most people is affordability. Since luxury goods are priced high, many people are not able to purchase them at one go, while some people can’t even afford them at all.
–Itoro Okopide
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