Buying luxury items makes you feel less confident and authentic, study says. (via CNBCMakeIt)
"Studies show that consumers are particularly attracted to luxury when they feel less confident and less powerful compared to others, and they anticipate to experience a boost in confidence and power by buying and consuming luxury," Ordabayeva says.Some people act less confidently when they have a luxury item simply because they don't feel like themselves, the study authors
The "psychological cost of luxury" takes away any happiness and enjoyment that someone would otherwise get from purchases, the study authors wrote. "So, in the end, luxury may end up inadvertently backfiring on consumers and undermining their confidence and power, counter to what consumers expect," Ordabayeva says.
For the study, researchers reviewed nine other studies about luxury shopping, then surveyed people in locations where wealthy consumers frequent, for example the Upper East Side and the Metropolitan Opera, both in New York City, as well as Martha's Vineyard in Massachusetts. But others are uncomfortable possessing luxury items because they believe they are "a privilege which is undue and undeserved," even if they can afford to have these things, the study authors wrote.
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