Why Rich People (sorta) Don't Wear Luxury
https://www.youtube.com/watch?v=g0UQgrFNExc
"Modern-day luxury is a spiderweb. A $397 billion structure woven together by the distinctions between classes and cultures. In this video, we jump into the web to figure out what luxury actually is, why the upper class (sort of) don't buy into it, and the psychology behind those who do.2
ALEXANDER
YouTube
Why Rich People (sorta) Don't Wear Luxury
Modern-day luxury is a spiderweb. A $397 billion structure woven together by the distinctions between classes and cultures. In this video, we jump into the web to figure out what luxury actually is, why the upper class (sort of) don't buy into it, and the psychology behind those who do.
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3 Replies
tl;dw. But I assume what it says, more or less is: People who ARE rich don't need to LOOK rich. "Looking rich" is aspirational.
The other thing I don't think people realize is how much money the truly rich have. "Luxury" brands aren't a splurge or an indulgence, so there's no real reason to prefer them over Levis. It's all a rounding error in the bank account.
If you had 1 billion dollars, and you spent 1 million dollars a day, it would take you 1000 days (about three years) to spend your money. If you have 1 billion invested, and you make 3% annually on that, your interest per year is 30 million dollars, which you can treat as an annual salary paid once a year and never work a day in your life.
Once you have ~ 10 million in stable investments, you've literally won real world monopoly so long as you make 2-5% annually, because you'll make $200,000-500,000 a year as interest off of that, given that you don't live a live that
Live a life that exceeds that*
Sadly no studies or any sources for his reasoning except a few sales numbers. Some of his arguments can make sense intuitively, others seem a bit far fetched. It is known that the majority of luxury customers are upper middle class and not the extremely wealthy for the reasons already given by the other commentators. Still interesting Video, even more interesting would be if we could get studies on why upper middle class buys "luxury".