Buying luxury brands

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.

Many people prefer to buy luxury goods, but the price tag can be off-putting. Unless you earn a high salary or have a great personal savings habit, buying luxury consumer goods can be cost-prohibitive.