20 Reasons Why People Love Spending Money On What They Don’t Need

Science backs this up. Research into why we buy luxury has identified personality factors, such as being extraverted, but also an association with “feeling like a winner”.And then theres the most powerful reason to buy into luxury: the emotionally protective factors. If fashion is armour, a luxury handbag, especially, is a shield. Through a series of studies, researchers at London Business School and Cornell University came to the conclusion that we consume not only to create an impressive exterior (they also find this explanation way too simplistic), but also to alleviate interior psychological pain. Individuals whose self-worth was harmed sought affirmation in high-status goods.