When Overspending Backfires
When Overspending on Luxury Backfires
Many financially-able consumers commit to overspending on designer purchases. Because luxury goods by nature are both pricey and in high-demand, such possessions communicate status and prestige.
Then there’s our biology: evolution reinforces comparing and competing. In the age of social media we post fancy photos of ourselves doing fancy things as a way to prove we, too, are as worthy as our peers.
But while consumers assume investing in designer items will result in confidence, overspending often backfires.
On today’s show I discuss the paradox of luxury consumption with Dr. Dafna Goor and Dr. Nailya Ordabayeva, two researchers who analyze how designer purchases *actually* influence self-worth. We identify why overspending backfires; we outline reasons the why science suggests buying for your authentic self (and not your aspirational one), too.
Enjoy!
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