| Why People Buy Luxury Goods October 17th, 2021 by Bill Boyajian |
Luxury goods exist in the marketplace because people are willing to pay much higher prices for them than the apparent utility of the product. Do people need a Mercedes when a Kia will do? Is a Rolex really necessary when a Timex does the same job? Is a “have it your way” coffee drink worth multiple times more than a simple cup of java? The answer in most cases is yes, mainly because of the perceived value of the luxury item – be it a car, a watch, or even a cup of coffee. Moreover, the price of a luxury product propels our appetite for status, both in our own mind and in the minds of those around us. Take away our peers and circle of influence and the value of the luxury item goes way down. Status means something in a comparative and competitive marketplace. People can own something that gives them a “position” they otherwise wouldn’t have. Collectors can own something that no one else can afford. These, alone, are reasons enough for luxuries to exist. Don’t try to rationalize luxury purchases. Just enjoy them.  Tags: Afford, Circle, Client, Collect, COmpare, Compete, Consumer, Customer, High, Influence, Low, Luxury, Marketplace, Mind, Peer, Product, Status, The Mind of a Leader, Value |
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“I needed help orchestrating a succession plan for our business. I had heard that Bill Boyajian specialized in assisting owners to transition their business to the next generation. He knows how to bridge the generation gap and deliver what each needs to hear. I would recommend Bill to any business owner who needs advice on succession planning from a trusted outside professional.”
–Charles Denaburg,
Managing Partner,
Levy’s Fine Jewelry
Birmingham, AL
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–Ceylon Leitzel
Leitzel Fine Jewelry
Hershey & Myerstown, PA
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–Ernie & Debbie Cummings
Kizer-Cummings Jewelers
Lawrence, KS
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