Many consumers who buy luxury goods are not in a financial position to afford luxury goods. They do not always act rationally and may spend thousands of dollars on a luxury brand that performs the same function as a similar durable item at a much lower cost.

• There is less money to go around. Since March, about a third of influencers were already seeing fewer collaborations.
• This is also an awkward time to advertise, while so many are unemployed or facing a life-threatening illness. Brands don't want to alienate their market.
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• In some cases, purchasing a luxury item can increase self-esteem and give a sense of belonging.
• Some people buy luxury goods as a form of retail therapy.
• Others reward themselves with a luxury item that they typically can't afford.