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!
 
* Want more episodes like this one? Check out #029: Is Sustainability Unmanly?
* Join our (free!) community here.
* Find your tribe. Sustainable Minimalists are on Facebook, Instagram + Pinterest.
* Sharing is caring! Have you left the show a review yet? On the Apple Podcasts app, hit the Library tab, scroll allll the way to the bottom past all prior episodes, then click on the stars to leave a review. (Thank you!)