The point still remains whether or not the price is worth pleasing a particular whim or opinion.
This is where the perception of the human mind comes into play. Perception of luxury goods to be an essential tool of quality despite the over pricing will lead many people to invest heavily on the luxury products. Perception of quality also plays a huge part, if the common man believes that the luxury goods have a high standard of quality and will project their lifestyle to be one of high standard as well, then the likelihood of investment form them will be much higher. However a negating perception of luxury goods would result in the absolute opposite. If the common man believes that the copies of luxury designs that are available at a lower price with only a little bit of difference in quality are much better to invest in, then the likelihood of him investing in such goods would be much higher. Many people could also not afford to purchase the original luxury goods and hence, wanting to maintain a certain social stature would invest in the next best copies available. There has been a lot of talk with regards to the impact that these copies have on the economy of the country.
In response to a wall street journal article titled 'an article about how small fashion businesses are negatively affected by copycats', Tiara (an NYU student) writes for the online magazine - College Fashion and says that "the article cites scarf designer Elle Sakellis as an example. Elle designed $190 Otera "evil eye" scarves after she was inspired by a wall of Greek luck totems. The scarves were quickly bought by Kitson and Intermix but when Elle didn't receive any more orders, she discovered that both stores had found a similar scarf made by Raj Imports Inc. that was selling for only $30. Unfortunately, knockoffs are, for the most part, perfectly legal. In a situation like the one above, there is not much an independent designer can do to protect their original designs from copycats" (Tiara, 2010). If you can get away looking like a thousand bucks, having spent only thirty, why wouldn't you go for it? Of course, perception and preference again play a huge role here!!
All of these aspects play a huge part in whether or not the purchase of luxury good is perceived to be worth the money. I have tried to express the perceived distinguishing patterns between branded luxury goods and others and explained the reason behind the preference for them despite the higher prices of the brands. My opinion does incline towards supporting the argument that purchasing branded luxury goods is worth the money spent due to the simple fact that the brands are the originators, and personally I'd rather be an originator than a copy-cat.
Letter to the editor -- the New York Times
The luxury goods industry has become a fast growing phenomenon in the world today as more and more people become status and appearance...
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