why do people buy luxury goods

Best answer

Sense of accomplishment

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  • Why do Chinese buy luxury products?

  • Buy luxury is therefore a symbol of success for Chinese. Afford to pay for all kinds of products is a medal that China won it deservedly. Although for a long time, buying a luxury item was a means to belong to a social class elite, now Chinese consumers increasingly buying luxury goods because they desire it.

  • What factors influence consumers to buy luxury goods?

  • Their decisions are influenced by factors like emotions as well as logic. Many consumers who purchase luxury goods are not financially capable of owning such goods. Americans are one of the highest consumers of designer wear and also have the highest consumer debt.

  • Are Americans buying luxury goods in their best financial interests?

  • And many consumers who buy luxury goods are not in a financial position to be able to afford luxury goods. The proof of this may be in the high rates of consumer debt that many Americans have. Depending on how you look at it, this phenomenon may be evidence that many Americans don鈥檛 always act in their best financial interest.

  • Why do luxury retailers sell more expensive products?

  • Luxury retailers and their marketing departments rely on consumers to buy the more expensive products because of the legitimacy and quality associated with brand names. As a result, it鈥檚 easier for consumers to ignore the higher cost of the pricier product and purchase it anyway, because it feels as though it鈥檚 worth the extra money.

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