Saved by Danielle Vermeer
The new, subtle ways the rich signal their wealth
According to Frank, the desire for many to indulge in luxury “possessions” is motivated less by the gratification they may bring than by what others are buying or want to buy. We try to achieve happiness by improving our relative social status. For example, if your neighbor didn’t buy his new Mercedes Benz, you wouldn’t probably feel the need for t... See more
Conspicuous Consumption and The Era of Excess // Book Summary of 'Luxury Fever' - Right Attitudes
strongest correlate of inequality was searches for luxury goods.
Keith Payne • The Broken Ladder: How Inequality Changes the Way We Think, Live and Die
The 1% go to different doctors, eat at different restaurants, shop at different stores. Wealth used to be a better seat. Now it’s an upgrade to a better life.
Scott Galloway • The Algebra of Wealth: A Simple Formula for Success
A luxury good is one where the price paid is much higher than the apparent utility it offers. We pay extra precisely because it’s not a good value. The utility lies in how we and our peers think about it. The scarcity and bling of a luxury good are used to increase our status (in our own eyes and those in our cohort).