Have you wondered why people are willing to indulge in luxury branded goods despite the high costs of these valuables? There are several factors that contribute to the popularity of luxury brands. In this blog, we will be addressing how these factors can induce the desirability for luxury branded goods.
As these high-end brands are usually associated with having a luxurious lifestyle and culture, many often aim to own at least one of such items to represent the lifestyle they lead.
Exclusivity & Display of Social Status
Following that, luxury brands are often associated with exclusivity and status too. Owning a luxury product can be a symbol of wealth and success, which can be appealing to many. To some, purchasing luxury products is a way to flaunt their social status or to simply gain admiration from others.
Luxury branded goods are also not easily accessible to everyone and are usually limited in production, which makes them highly coveted. For example, the Hermès Birkin and Kelly are two of the world’s most exclusive and sought after bags. These bags are made by just one artisan, who puts the bag together from scratch using the most expensive materials of the highest quality. Because of this long and precise process, these bags have a very long wait list.
With the high prices tagged along, buyers would undoubtedly gain a sense of accomplishment having bought the recently launched luxury branded goods. Furthermore, donning on a newly released bag, watch and/or even jewellery would create an illusion of the wearer having a higher social status than their peers.
Value of Craftsmanship & Heritage
Luxury brands are known for their high quality products, which are often made with the finest materials and superior craftsmanship. Each product is carefully and painstakingly made by professional craftsmen who invest in long training hours with prolonged years of experience. Most consumers are willing to pay a premium price for products that are well-made with extended durability.
Luxury brand fans who are invested in the heritage and tradition of these brands may find luxury branded goods to be more appealing as they take pride in originality and the historical sentimental value of these items. Many times, luxury brands would also push the boundaries of design and creativity, which can make their products stand out from other typical manufacturers and appeal to many who value innovation.
Last but not least, luxury brands often evoke strong emotions in consumers. They may represent an aspirational lifestyle, a sense of sophistication of elegance, or a personal sense of identity. Consumers may be willing to pay a high price for luxury products because they perceive them to play a certain role in their lives.
It can be a celebratory product that indicates that they have reached certain milestones in their lives or a source of emotional relief for self-consolation. In other circumstances, these emotions pertaining from their personal beliefs may result in impulsive purchases and feed on the behaviour of indulgent spending.
To end it off, the popularity of luxury brands can be attributed to the combination of all the factors above. Brand reputations play a significant role in creating the demand for luxury branded goods. The desire towards assimilation into the society will further enhance the attractiveness of the idea of luxury brands. While the more privileged focus on the brand ideals and the traditions of luxury brands, the others look to luxury brands as a source of motivation towards building their aspiring lifestyles and strengthening their personal identities.
Dealing with reliable secondhand resellers can ensure that you have a peace of mind when looking for your ideal branded goods.
Here at EcoRing Singapore, our experienced appraisers have dealt with a wide variety of items from various luxury brands. From Prada handbags to Hermès bag charms, all kinds of luxury items are bought in at the highest price possible upon the appraisal sessions.
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