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Due to crop shortages in Prussia (modern day Germany), Frederick the Great introduced potatoes and ordered farmers to start planting them. However, due to potatoes being so foreign and weird looking at the time, nobody wanted them. So, in order to get people to start eating potatoes, he ordered that potatoes be planted in the royal fields, spread word that potatoes was now only for royalty & nobility, as well as posting soldiers to guard the potato fields, but instructed the guards to ignore all potential potato thieves and even to accept any bribes that they were offered, to ensure that as many "thieves" were successful as possible. Because of this, all the poor and working class people would steal the potatoes, as ordered, the soldiers "guarding" them won't do anything about it and next thing you knew, everyone was eating potatoes. Luxury goods are the potatoes of today. Marketed to the poor as a luxury item only for the rich, so that the poor would buy them. The difference however is that, potatoes are useful and luxury handbags aren't.
Thanks for sharing. Culture flowing down from the upper classes to the lower classes. I suspect this is why so many people get junk degrees. The rich made it cool. Useless studies works when you’re from an influential connected family
These famous brand capitalists take note of people’s comparison mentality. It’s not uncommon for ladies to buy bags easily because they don’t have money to buy them. Only by setting the threshold and having to go through so much hard work to get the bags can people feel valuable. special value. The dopamine threshold of rich people can no longer be satisfied by normal consumption. *condup*
I bought a LV bag *condup* years ago. I took it to the LV store in my town last week to have it repaired. The store clerk inspected my bag and immediately told me that the bag was of good quality. She pulled a current bag out of inventory and compared the tags and I found zero differences
Most Designers aren't the quality they used to be, so people Improve yourself by learning new skills, saving, budgeting, Investing and achieving financial freedom to enjoy a fruitful life. Freedom is the true luxury
True, I have some wealthy friends and they actually do buy high-end items. They are just generally not brand names that the average person on the street knows of and the ones that they get are super high-quality often handmade.
My cousin is a photographer and she did a testing shoot for Dior. She got a ton of free merch that was either last season, prototypes, overstock, etc. The model she was photographing got a “thank you” bag with tons of random items and she even got to keep the dress she was modeling. Celebs don’t usually pay for luxury goods.
Celebs actually get PAID to waer their stuff. Lots of popular kpop stars become brand ambassaders or they get paid to wear their luxury goods in music videos or during "airport fashion". And this caused so many teenagers in Asia to overspend using their parents cc in order to emulate their idols that there is talks of Korean government trying to ban kpop stars from endorsing luxury brands.
Not precisely rich people, but rather famous people get free luxury brands. Because then they get photographed with them, and common people see those pictures and want to buy the items to prove their status.
@@exqueue3813yes though I also know people who have perks through jobs or whatever like my family member is a vip at a hotel/casino and they get lv purses, gucci etc for free
@@mjmf1430 The wealthy people I know could care less about most of the ‘common’ designer brands. Yes, they wear good things - but they are not motivated by many of the typical high end brands. I sell bio tech med devices - my wealthy friends do travel regularly - but they are brilliant scientists & physicians & not smug whatsoever.
No, they do not bother with expensive clothes. Only poor people want to wear expensive clothes in order to look rich. Rich people do not care, plus they are good with money which poor people aren't
Wealthy folks practice “silent wealth” purchasing. Don’t be fooled, they enjoy the fruits of their labor like everyone else. Splurging & going into debt over luxury goods is another matter.
This is a bit of a myth. I’m technically in the top 1%, but I don’t buy luxury goods at all. I drive a Toyota. My suits cost less than $2k. I don’t even wear a watch.
If they are going into debt then those are not the wealthy ppl he is talking about. I disagree with his statement about Elmo musk, Mark Zuckerberg, and Bill Gates, not dressing nice because they don't need to due to everyone knowing they are wealthy, no, most wealthy ppl don't spend on luxury items to show off their wealth at all, that's how they became wealthy. The book "millionaire nextdoor" explains this. Making a lot of money does not mean you are wealthy, it is the money you keep that makes you wealthy.
@@damnjustassignmeoneexactly. Actual wealthy ppl don't spend money on luxury items, that's why they're where they are. Ppl confuse being wealthy with how much money you make too. If they are going into debt and living pay check to pay check they are not wealthy, doesn't matter if they make 600k a year.
@@damnjustassignmeone Everyone, including you, buys luxury products. It may not be LV or Gucci but there are definitely things you splurge on. Either that or you truly accumulate wealth solely to see a number go up.
@@tom23245 It’s a lot more rewarding to be able to retire early, help my kids when they need it, pay for my nephew’s college, travel, etc. than it is to buy a Lexus. It’s not that I don’t spend money.
The genuinely wealthy people I know, not the ones in massive debt, buy luxury brands, luxury cars, go on frequent expensive holidays and spend plenty of money on socialising etc. And they still have plenty left over. They generally have large asset and property portfolios and/or a successful business.
I once bought a ferragamo wallet because I am an idiot and wanted to impress the person I was with. I could have bought 40 regular wallets for the price I paid. I still have the wallet but simply to remind me never to be that stupid again.
You live and you learn. I live by the I'll take the Rulp Luren version 😁 It's just as nice , better for the wallet, and no one can tell and if they can tell - do I care?
If you really want to impress, make a paper wallet. You can find instructions on UA-cam. I made mine from a sales ad. I've had the same one for five years now; people are always impressed by it. It only cost me a little scotch tape.
This is kind of clickbaity. Rich people buy luxury items. They don't buy the luxury items that are "as seen on xyz" Outside of celebrity culture, actual wealthy people wear brands such as Loro Piano and they buy Delvaux bags, luxury brands that offer custom tailoring in-store. They spend money on quality, so they don't have to spend on quantity.
@@damnjustassignmeone that’s my point. You don’t go to Saks, you buy quality items. It cost more than getting some cheap shirts from H&M that dissolve in one wash. Also, if you’re not a handbag person you probably don’t know Delvaux. They’re the oldest luxury goods maker and they don’t really do mass marketing. Hence why I said wealthy people don’t wear brands “as seen on xyz…” they’re non-descriptive bags and those who know, know.
@@damnjustassignmeone yeah, I could see that. I know money is seen as a way to save time by wealthy people and I get that. I am a on a wealth building journey and I’ve done well for myself thus far but I feel as if I have a hobby such as fashion and spend within my means I feel that luxury fashion can be enjoyable. But I also see the harm in excessive spending and going broke to “look” rich.
Hahahaha quality? The quality is for middke clas items. The luxury brand 1000x expensive and with the same somethimes lower quslity than the midfle class product
Great video, Vincent. However, you're missing quite an important point here. While I acknowledge that Zuckerberg and Gates don't need to buy Gucci-branded t-shirts to display their wealth, they do purchase clothing from luxury brands. They prefer quiet luxury brands with no visible logos, such as Loro Piana and Brioni, over loud luxury brands like Louis Vuitton and Balenciaga. For example, the founder of Facebook exclusively wears tailored t-shirts from a luxury brand Brunello Cucinelli.
I didn't know about those brands, but yeah, where else are they buying their clothes? H&M? I lately have a hard time to find clothes with a decent quality, so there must be luxury brands out there where rich people buy.
Just bc you saw a billionaire wear a “quiet luxury” brand doesn’t mean most wealthy people buy this stuff. 99% of people most would consider rich aren’t billionaires, and most of them don’t buy luxury goods at all. Or maybe only rarely. Most rich people have money bc they don’t go around wasting it.
@@damnjustassignmeonemy mindset has changed towards money recently, having all the latest this and that does keep you poor to a extent, its all smoke and mirrors really, also alot of these companies rely on poor people also being uneducated regarding money
I think what make someone rich is not what they buy, but the fact they can buy what they want when they want. Same Thing with vacation. They vacation anywhere, any way, and whenever. You're rich when you don't worry about life.
For the rich being rich is they can't buy luxury,waste money, being stingy when giving employee his/her money. because theyr past poor lifetime is nightmare for them and they always want to save it
I have absolutely benefited from wearing "luxury" brands or dressing really top notch. However, I realised it was not the brands that made me benefit from this, it was how groomed I looked. I had someone point to my handbag I got for £100 on sale (£400 retail price) and ask me where I got it and guessed it cost thousands of pounds, It made me laugh. Looking well groomed, tidy, and wearing high quality (does not have to be expensive nor branded) and behaving with manners, grace and kindness will do the trick.
No cause someone asked me where I got my “leather” rucksack from and I said Primark on sale for £5 and they looked at me like I was an alien. 👽 Apparently it looked a lot more expensive. I dislike primark but they do have nice bags.
I used to pick orders at Amazon and I spent 8 hours picking luxury item orders one day and at the end of my shift I saw the trailer that my orders were put on, pull off the dock and I saw that it was a trash trailer! I was so mad and I asked why don they give them to us (the employees) and my supervisor said it would bring down their value (the clothing brands). And they dumped the clothes inside of a massive indoor burn pit where the DEA destroys drugs so that no one ever sees. So if you ever see a trash semi TRAILER leaving Amazon and not a dumpster trash truck there's probably luxury items on it and the driver doesn't know it.
My wife and I have a net worth over $10M. We don't own a single luxury/designer item. We Live in a middle class neighborhoof and shop at Walmart and HEB just like when we were young and broke. Neither of us has any interest in buying anything Gucci, LV, or whatever. We're too sensible to spend so foolishly.
Same here with my husband. Retired at 50, have multiple properties and big portfolios in shares and bonds. We look fairly low middle class ( as per Europe meaning). Some might even look down on us because we have two cheap old cars and very average house, but we have all we need. We never bought any designer crap. Husband worked as an engineer in the oil and gas industry and I worked in finance. I bought my clothes in high street shops, never design. I still ended up earning very good money cause I delivered on my projects and went beyond, trouble shooting other teams problems that they were too incompetent or lazy to solve. It paid off leaving within our means and saving and investing more and more as we earned more. We still spent money, in travel taking up to 4 or 6 months off, every few years, to travel the world and staying in backpacker places. But that was our only big expense. And still modest budget compared to people extravagant “luxury” holidays. We did camp a lot! But no regret we had a blast.
Congratulations on your wealth! No doubt you earned it. Hopefully, you are donating to deserving and effective charities on a regular basis so you are building up spiritual wealth also.
When I first read the Millionaire Next Door I was shocked to find out "Ford" is the most common car brand among millionaires, and Walmart was in the top places millionaires go to buy clothes. Such a great message and thanks for the reminder not to believe everything we see on social media! :)
A million is not nearly what it used to be to be. There would be a lot less millionaires if they all decided to spend all the money they have, so I’m not surprised that those sort of stores and products are popular with them. Money is like sand, if you are not careful how you hold on to it, you will find yourself with nothing before you realize it.
If we agree to define "millionaire" as someone with assets totaling at least $1,000,000. That can mean the value of their home, 401k, savings account, investments, and belongings added together, equal or barely surpass the million dollar mark. Someone in this situation still needs to be careful with their money. It's the *multimillionaires*, folks with much more money, who can afford to splurge and spend on luxuries.
The Book was originally published back when $1m in assets was a relatively rare and significant sum. The point still stands that normal, wealthy people drive normal cars and don't blow their money on depreciating assets. They recognize the true costs and values of their purchases.
@@alberttang6955Trust me, most people with several million in net worth don’t go around buying luxury goods either, at least not often. Sadly, most of the market is lower and middle class people.
Nah, you just haven't seen beyond the spend threshold. Louis Vutton starts to look good after 10k. For Gucci, it seems to be after 5k. The more you spend, the more subtle the branding and the more beautiful the product. In some ways, its part of their marketing. A $500 Gucci belt with a huge GG buckle or a $1000 LV bag covered in monogram is a (relatively) easy point of entry into "the club". The caveat is you're a walking advertisement. Walked into a Gucci shop once and saw a beautiful reversible denim jacket that felt heavy and sturdy, 5k. You wouldn't know it was Gucci unless you saw the reversible side. Their web shoes with scream Gucci are 2/3rds the price of a Jordaan or 1953 Horsebit which don't have any obvious branding and are the literal loafers everyone else copies. Go to LV or Gucci and sort from low to high. After a while I bet you'll see something you'll admit is nice and notice the price tier is higher.
Nah. That doesn't fit their black shirt narrative. Poor people buy all the designer brands. Who is trying to pay rent and utilities when the new Vuitton watch just dropped?!
When they say "poor people" they are not talking about actually dirt poor people who live paycheck to paycheck on rents and groceries. They are talking about middle class people who are slowly but surely slipping down into lower class, aka the forever-rent-paying till death class who is one paycheck away from being homeless.
Exactly! One of my bags is a 40 year old Louis Vuitton bag, I have a 20 plus year old Celine. Those in extremely good condition, quality leather... While those days I see LV peeling/cracking on less then 1 year...
I realized this a long time ago when I started working as a business manager for wealthy people. They spend very little on luxury items. Most of them will only spend money on real estate and investments.
My sister who is a podiatrist spent time volunteering with people living in poverty in Niger where she made shoes for those with foot deformities due to leprosy. She said the people in the community had no incomes and were very poor. But if a someone did manage to make some money they didn't buy food or things for their home, they would buy a hat. A hat immediately gave them status and elevated them above their compatriots. People are the same all over it seems.
There are many many different luxury brands. Wealthy people usually don’t buy logos… (only cool ones lol) but they do buy over the top expensive clothes & accessories to match their social networks. In our circle we buy a certain coffee, which is ridiculously expensive and shop clothes from conscious companies that are 1000x more expensive. So we pay the similar amount like for LV or GUCCI, but it doesn’t show off as much… BUT our friends know exactly what brand it is and how much it is. So… it’s all about who you hang out with. Also, if you buy quality brands or luxury, some of the value is not lost as you wear it. Most of my clothes are resold for a decent amount at luxury second hand markets. So it’s investment wise a good choice & your own value increases in some circles. But I do understand why some people choose to not buy luxury. Whichever is fine. It all depends on how you wish to spend your money.
Truly wealthy people still have luxury goods. May not be every single one of them, but yes, they do. Such a weird thing to say that rich people don't have designer stuff lol
@ I feel like that's gotta be what's happening. There seems to be a trend nowadays of people spreading rumors that wealthy people don't buy nice things lol. That's so far from true.
I personally don't think luxury brands are for broke people. Buying organic food could be perceived as luxury by some while others are willing to pay because of its perceived benefits. Remember, if you are wealthy, a lot of these 'luxury' brands become regular to you. The same way some people pay for a gated community because they want to be there, others will think it's luxury. Luxury is a status based on wants, not needs; if i want to get to work and have a personal space, I'll prefer a car, not public transportation. Now if i decide to get to work in a rented limousine,it might be something on my bucket list, not luxury. So you see, luxury is a matter of a state or status; physically, mentally, financially, etc. Even contributing to a retirement plan could be a perceived as 'luxury' because not all jobs come with retirement plans.
There is luxury and there is brands that pretend to be luxury. A £500 Crockett and jones shoes is extremely high quality and will last you a lifetime vs a shoe with a Gucci logo.
As a top 2%-er on net worth, i don't buy luxury goods. I save and invest and have no debt. Retired at 55 with millions. 16 year old SUV that runs great, too!
Everybody looks at celebrities and billionaires, not the millionaire next door. That’s why people get it in their head that rich people go through life throwing their money around. Anyhow, yes, I’m in a similar situation. Not retired yet, but I’m fortunate to have more than I need. And I drive a Toyota.
Surely you have a plan to spend a bit more lavishly for retirement? People who retire early with over $5M have technically fatfired and usually like to enjoy their retirement by spending on things that matter to them.
@@cap4life1 Of course. I live very nicely. I just don't buy luxury goods. I travel a lot, mostly flying first class and 4 and 5 star hotels. I'll eat out anywhere I want whenever I want. Gamble. I live in an upscale community. But I won't buy a shirt for $100 (I'll get it for $19 at an outlet). No jewelry, watches, or 50 pairs of shoes, things like that. I spend on pleasures, not material things. I already bought the "things" I need.
@@paulj2948Hell, you could just fly economics and save more money and rent a whole apartment. And seriously, I wwould rather spend the gamble money on custom made shirts and suits. The point is, everyone has a soft spot for the most stupid shit, so don’t judge.
luxury only got accessible to people cause of social media. during 80s, 90s and early y2k you only get influenced through magazines and celebrities wearing them. i mean i didnt know even what luxury brands were when i was broke broke.
I’m technically in the top 1%. I drive a Toyota and paid cash for it. I firmly believe most middle class people should not be wasting money on new cars. They’re just too expensive these days. Also, if you have to take out a 60+ month loan for a new car, you probably can’t really afford it.
@@vonettadevo Those are needs, not wants. Those big ticket items are necessities you can't get around financing. However, if you have $200 in your bank account and you charge a handbag on a credit card for $3,000 and pay off installments at %18 interest, you're financially illiterate (not to mention broke and putting yourself further in the hole).
@@paulj2948I was trying to understand your overall philosophy on spending. I know a luxury handbag is not a necessity. But people buy things they can’t afford. Some folks think you need to pay cash for everything or you can’t afford it. Including a car. And if you have to take out loans for college, you shouldn’t go.
@@damnjustassignmeone crap.. you have spammed the comment section with claims your at the top 1%. Are you seeking some sort of validation? I can be wrong but people at the top 1% won't spend too much time claiming they are in the top 1%. Just my 2 cents.
Tbh many people are talking about this. I've found that so many youtubers are making the same videos about the same topics and making all the same points.
Also take into account that brands like LV have high resale on certain collections meaning someone (probably middle or lower class) will buy it with the whole intention of reselling it later on while most aren’t worth the investment some pieces age like art and increase in value a lot over time
Great video! The only note I’d add is that the “lower” class and middle class consumer debt is from more than just luxury brand spending or “keeping up with the Joneses”. According to the stories covering consumer debt, people are living paycheck to paycheck as their wages have not kept up with inflation or the cost of living in some cases. And most people can’t afford to budget to accumulate $1,000 in savings. Families are using credit cards to buy gas, groceries, eating out, and for emergencies as well. Luxury spending is much more a phenomenon for people in middle and upper middle class than lower or poor, because of the disparity in access to disposable income or credit.
There are only few staple luxury brands I purchase because of the quality. Most middle class people wouldn’t know the brand and that is what I like the most - it being unknown. Plus, I don’t like a lot of logos, as I am not a billboard for any brand. If you want to know who doesn’t have the money to purchase lux, just look to those wearing a T-shirt pronouncing the brand name.
UHNWI and HNWI certainly buy luxury … not everyone will recognize the brands but they spend a great deal on their homes, transportation, food, vacations and hobbies.
Something that gets glossed over by this video and by others on YT discussing the higher end brands is quality. I went and bought a backpack that looked like something by Jansport/Eastpak, no brand, and was 1/3 of the price. 3 months later I had to buy another one, and 3 months later I bought a proper Eastpak backpack that lasted me years because of the quality of the brand. Likewise with something like Supreme and their tees and underwear - they last forever compared to fruit of the loom stuff that falls apart relatively quickly and doesn't feel heavyweight. The Diesel jacket that my in-laws bought me has lasted 5 years without a single tear despite me wearing it a LOT and washing it when I need to.
Boots theory in action. I could care about labels but I believe in buying quality. Sometimes its hand in hand. I buy CK underwear, why since I'm a 50 something married guy, it doesn't sag and stretch out like cheaper brands. I would spend a lot more in the long run replacing cheaper and be less comfortable than buying the Calvins. I also found their dress socks don't lose their elastic and start to sag near as quick as the cheaper stuff I used to buy and I am so over saggy socks.
I like to buy luxury brands once in a while because of their quality and design. And certainly still have my savings (emergency, sinking, travel funds) untouched. I dont think this applies to all. We all have different reasons for wanting to buy luxury items!
Rich people do buy those brands but it's different than what one would assume. This is what i have realised after being on social media and following fashion and lifestyle influencers and models for a long time. Many are escorts to rich people and rich people buy those luxury goodies for their mistresses and other promiscuity partners. So while rich-rich men may not always end up using those products, they do end up spending on those indirectly. Rich-rich women do buy those products especially those who have ancestral wealth.
Great content! Very relatable and too many people that aren’t truly wealthy are wasting their money on luxury when they should be saving and investing their money into longer term investments
The study isn't accurate. During COVID , luxury brands captured a lot of discretionary spending. Since interest rates went up and people can travel that trend hasn't continued.
Buy it for the design and quality, not the status, and do it in 2nd hand stores. Not every high end item is of good quality, so train your eye to identify good craftsmanship.
I don't entirely agree. What IS for broke people are things like the daily Starbucks latte and eating out for lunch all the time. Being frugal in your daily life and occasionally buying yourself something luxurious which you will own for a long time, is perfectly fine.
I agree. I own a ton of luxury items paid for with my own cash, zero debt, but frugal at the same time. I mow my own lawn, cut my own hair, clean my own house, cook my own meals and make my own coffee…it’s all relative on how much you earn and how you save.
Most people would. But a lot of people who buy these shallow luxury items to feel better about themselves because they can't afford the house, might as well get something else nice.
All the genuinely rich people I know of do not buy many obvious garish brand names (when it comes to clothing at least). If someone dresses head to toes in brands you know they're desperate to be perceived as wealthy.. whilst clearly they havent actually looked at what rich people in general buy. Most rich people are actually understated with their style.
They coined a term-bougie broké. Which I think means you can’t save a down payment but have a $60 candle on your coffee table to make yourself feel better.
Here’s an example: A friend of a friend who works at ihop (and has 3 kids) spent her tax return on brand new Louboutin heels and an LV bag last year. That’s how. Or debt. (Only talking about people who can’t afford it).
I buy luxury goods when I hit some sort of milestones. I remember getting my big boy job and getting an LV wallet and then a cartier tank when I turned 30. Prob the only luxury goods I've own.
I’m not broke, and I still buy luxury goods cuz they look good and fit better. This kinda contents are just spread out prejudices and stereotypes about luxury consumers 😅
Misleading. You think the VIP clients at Hermes and Chanel are broke just flexxing? You clearly do not know much about these luxury fashion brands. Of course there are wealthy people that don't like to show their wealth in materialistic goods, but the broad generalizations are not correct. Ask any sales associate at these high end boutiques in any major city - their clients broke college students in debt to million/billionaire executives and their spouses.The client buying the gucci bag and the client buying the hermes couch are NOT the same socioeconomically.
If you go to the fancy mall in Dallas the lines at LV are all black people. The time I went there the line was long and there was literally no white people despite mostly white people in the mall.
This content is so dumb. I've seen dozens of videos on this subject and I don't get it. Why looking poor is important. tbh I don't trust anyone who looks like a bum.
1:46 this is just a marketing talking, if say sell product to rich ppl, it make normal folks felt excluded, and normal folks can get rich in future too. but saying is for ppl want to indulge themselves, make everyone included, and that doesn't mean they charged any less for their products in the same time. but it sound good for the brand image.
I know many rich people that wear cucci, hermes and other brands. It’s about the person and what they like to wear, how do you think poor people can afford louis vuitton if they don’t have money.
i hate that people assume i paid for my designer clothes. my favorite articles of clothing are designer, but i barely paid for any of them. most of them were free. i hate the perspective of the people dont understand its not about the price.
I used to work for luxury brands importer in Japan, I could get a bag for 20% of the retail price. Because of this experience, I hate to buy any of luxury brands handbags.I feel stupid when I pay full price and help these luxury brands owner to become wealthier.
It’s that the majority of buyers are poor, not that the rich aren’t buying this too. But most rich people I know, which are in the 100+ millions, care less about brands but maybe because they are in tech where the poorest looking guys are the richest.
Idk, it’s one thing to buy things for quality, but people who buy these things don’t do it for that reason. Why? Why do they humiliate themselves by being on a wait list, having to wait in line to get into an empty store or be a walking billboard. So many unfortunate people in this world to help and they chose throw money at useless stuff like that. Says a lot about them actually.
Interesting....🤔 Buy what you need and save enough money to buy what you want that not only value, it will last long. Thank you for the information and keep it up! 😎👍
Im a multi millionaire who likes French and Italian apparel made by designer/luxury brands because of fine craftsmanship and quality materials. I do my best to avoid articles that have large and obvious logos. Usually those are the most expensive articles in the collection. The less expensive articles usually carry the loudest branding so that more people can buy them and effectively become walking billboards for the brand.
I shop at factory outlets and scored a 1k suit for $180AUD. I also had a number of co-workers this week comment on my Coach tote that fits my laptop and lunch box on how luxurious it was. I proudly said it was $400 after 60% off. If you know where to look you can get top quality brands that don't have their labels all over it for crazy mark downs if you hold off and shop the sales. My best trick this year was clearance Julius Marlow (?) Shoes 5 pairs at $50 each down from $150+ In Australia due to import exclusivity everyday brands in the US like Tommy,CK and even American eagle are marked up crazy. I only buy on discount.
Great video, I use to love luxury goods until I realise there is more to life than partaking in consumerism. Back then it was a bit more affordable, now the prices are just ridiculous
I worked with a wealthy woman who owned a collection of " *amzclothes* " and "luxury" handbags and clothes. Somewhere is real, somewhere is a replica, you honestly can't tell the difference. She taught me how to mix and match, she taught me to shop at *amzclothes* , especially trendy clothes, instead of spending $5,000 on something that will be out of style next year.
I'm wealthy, and I would happily pay more for products that are clearly better and more durable, but I don't see it. Above the cheapo level, it seems to be pretty much all the same, except for some goods that have a "professional" or "commercial" grade.
It’s not the luxury brands’ fault. And the American dream is not “out of reach” it’s that people keep buying crap they don’t need and there’s more crap to buy now than ever before.
I think is also about standing out being different! If it’s Saturday night in your city, all the guys are gonna go to the mall find an outfit you ordered something online that cost a little bit more when you go out nobody looks like you
Just been to Milan and we’ve been into the shops of the main brands at the Galleria Vittorio. I thought everyone was all smiles and really friendly and helpful, neither the doorman nor the sales people seems snooty or arrogant or anything like that. We spoke to at least 10 people at Dior, LV, ESL, Gucci, etc, and no bad experience even when we left not having bought anything.
Rather than the branded ones i was thought by a good friend who i know is well off but doesn't spend a dime on any of those luxury brands.. they said its better to get custom made pieces, its surprisingly cheaper than branded ones but the quality and material is guaranteed, like shoes, bags and clothes.. a good example was their leather school shoes they've worn 15 so years ago was even handed down to their son and nobody could tell it is.. I'm no fan of anything branded but i think I'll consider getting a customed purse or shoes maybe
Maybe that's why I never bought luxury brands. I bought my first house at 23 years old. I already felt like i'd made it and my friends wearing luxury clothes looked crazy to me. I left Toronto in 2022 when my detached house was paid off and people were offering millions for it. I think the buyer overpaid, I see they weren't able to find a renter to pay the mortgage they must have taken on. Looks like the bank is taking it back off them. I moved to far away to a much cheaper area into a $450k house, bought 2 other cheap houses and rent them out. Rent is relatively low because we didn't need to take on a mortgage, I see other landlords struggling to find renters. Put the rest into investments and paying for our oldest daughter to go to college. With 5 kids we've got a lot of post-secondary to pay for and our youngest are 1.5 yo twins. I hope our kids never feel like they need to waste money on luxury goods to feel successful. We're doing our absolute best to give them the best start we can.
I have slowly come to realise this myself over the last 10 years. The richest guy I know who lives in Switzerland and "owns" a university drives around in a very basic Toyota. People have adopted this strange idea that if they look the part with luxury brands that "success" will automatically follow. It's overpriced nonsense.
6:16 I thank you for saying that. I decided to treat myself to a Rolex when I got my CPA license. It took me 6 years of college and 2 years of additional study and prep to pass. I was ultimately called to pick up my new Explorer II watch. It was a lot of money, but it will likely be one of the few times I splurge at that level. All the hard work, discipline, and sacrifices made owning that watch much more meaningful.
Broke people are not buying luxury goods, they're struggling to pay for their bills and groceries. Why are men always making these videos and just telling on themselves? Also, why does it matter what others spend their money on? *Checks bio* oh... because he's selling a course
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😮i’m
Due to crop shortages in Prussia (modern day Germany), Frederick the Great introduced potatoes and ordered farmers to start planting them. However, due to potatoes being so foreign and weird looking at the time, nobody wanted them.
So, in order to get people to start eating potatoes, he ordered that potatoes be planted in the royal fields, spread word that potatoes was now only for royalty & nobility, as well as posting soldiers to guard the potato fields, but instructed the guards to ignore all potential potato thieves and even to accept any bribes that they were offered, to ensure that as many "thieves" were successful as possible.
Because of this, all the poor and working class people would steal the potatoes, as ordered, the soldiers "guarding" them won't do anything about it and next thing you knew, everyone was eating potatoes.
Luxury goods are the potatoes of today. Marketed to the poor as a luxury item only for the rich, so that the poor would buy them. The difference however is that, potatoes are useful and luxury handbags aren't.
Thanks for sharing. Culture flowing down from the upper classes to the lower classes. I suspect this is why so many people get junk degrees. The rich made it cool. Useless studies works when you’re from an influential connected family
no.
Potatoes are good you can cook them in many differant ways throw some meat into the mix your all good
@@newmobile1455 NO.
Those people were idiots for hating potatoes
The experiment by Payless is priceless. It proves the stupidity of people.
No kidding!!!
These famous brand capitalists take note of people’s comparison mentality. It’s not uncommon for ladies to buy bags easily because they don’t have money to buy them. Only by setting the threshold and having to go through so much hard work to get the bags can people feel valuable. special value. The dopamine threshold of rich people can no longer be satisfied by normal consumption. *condup*
Yea, it proves the theory of the velvet rope about making something look exclusive. It makes people want it more
I bought a LV bag *condup* years ago. I took it to the LV store in my town last week to have it repaired. The store clerk inspected my bag and immediately told me that the bag was of good quality. She pulled a current bag out of inventory and compared the tags and I found zero differences
@@MinishSeelbach some people use handbags as a investment in itself
Most Designers aren't the quality they used to be, so people Improve yourself by learning new skills, saving, budgeting, Investing and achieving financial freedom to enjoy a fruitful life.
Freedom is the true luxury
Yes you're right, my friends upscale yourself, save, in v est and learn skills that build up your value. You're your greatest asset! BE FRUGAL
There are many options to explore, get a pro to guide you in. that will make it easier
*Growwealthy* *with* *Rachel*
Take a quick search you will find more details about *Rachel* *Blanc* and ways to book the service
Most people buy fake bags because they like the authentic design but like the price of the fake *condup*
I have always thought that designer bags were really ugly. They care more about spreading the logo than making aesthetically pleasing designs.
You can see this the best with Louie Vuitton. Just brown bags with their orange logo plastered on it.
True, I have some wealthy friends and they actually do buy high-end items. They are just generally not brand names that the average person on the street knows of and the ones that they get are super high-quality often handmade.
Also, who uses these bags? They don't hold anything.
Best Comment!
😂I find LV....too 😂
My cousin is a photographer and she did a testing shoot for Dior. She got a ton of free merch that was either last season, prototypes, overstock, etc. The model she was photographing got a “thank you” bag with tons of random items and she even got to keep the dress she was modeling. Celebs don’t usually pay for luxury goods.
Celebs actually get PAID to waer their stuff. Lots of popular kpop stars become brand ambassaders or they get paid to wear their luxury goods in music videos or during "airport fashion". And this caused so many teenagers in Asia to overspend using their parents cc in order to emulate their idols that there is talks of Korean government trying to ban kpop stars from endorsing luxury brands.
This is so late 90s and early 2000s its different now.
@@assierayNo, companies will still send influencers stuff for free
Product placement.
Never liked """Luxury""" brands. It's so ridiculous that people would spend so much LARPing as successful people.
500 stinkin sneaker
I have got to steal this phrase!! Larping as successful people
I love some of their items but look at the price tag and change my mind 😢
Amazing comment dude. LARPing as successful people is so true
HA!! Yes!!! “LARPing as successful people” that is exactly it 😂
Also alot of rich people get their “luxury” brands for free
Not precisely rich people, but rather famous people get free luxury brands. Because then they get photographed with them, and common people see those pictures and want to buy the items to prove their status.
@@exqueue3813yes though I also know people who have perks through jobs or whatever like my family member is a vip at a hotel/casino and they get lv purses, gucci etc for free
who cares how they get it? Why do you care? I don't buy any clothing with any brand names on them.
We get mostly discounts, not necessary for free as many would believe.
@@mjmf1430 The wealthy people I know could care less about most of the ‘common’ designer brands. Yes, they wear good things - but they are not motivated by many of the typical high end brands. I sell bio tech med devices - my wealthy friends do travel regularly - but they are brilliant scientists & physicians & not smug whatsoever.
It's not like rich people don't buy expensive clothes. They just buy different ones which don't have huge brand logos.
Its because they understand money and the value of money.
No, they do not bother with expensive clothes. Only poor people want to wear expensive clothes in order to look rich. Rich people do not care, plus they are good with money which poor people aren't
Wealthy folks practice “silent wealth” purchasing. Don’t be fooled, they enjoy the fruits of their labor like everyone else. Splurging & going into debt over luxury goods is another matter.
This is a bit of a myth. I’m technically in the top 1%, but I don’t buy luxury goods at all. I drive a Toyota. My suits cost less than $2k. I don’t even wear a watch.
If they are going into debt then those are not the wealthy ppl he is talking about.
I disagree with his statement about Elmo musk, Mark Zuckerberg, and Bill Gates, not dressing nice because they don't need to due to everyone knowing they are wealthy, no, most wealthy ppl don't spend on luxury items to show off their wealth at all, that's how they became wealthy.
The book "millionaire nextdoor" explains this.
Making a lot of money does not mean you are wealthy, it is the money you keep that makes you wealthy.
@@damnjustassignmeoneexactly. Actual wealthy ppl don't spend money on luxury items, that's why they're where they are. Ppl confuse being wealthy with how much money you make too. If they are going into debt and living pay check to pay check they are not wealthy, doesn't matter if they make 600k a year.
@@damnjustassignmeone Everyone, including you, buys luxury products. It may not be LV or Gucci but there are definitely things you splurge on.
Either that or you truly accumulate wealth solely to see a number go up.
@@tom23245 It’s a lot more rewarding to be able to retire early, help my kids when they need it, pay for my nephew’s college, travel, etc. than it is to buy a Lexus. It’s not that I don’t spend money.
The genuinely wealthy people I know, not the ones in massive debt, buy luxury brands, luxury cars, go on frequent expensive holidays and spend plenty of money on socialising etc. And they still have plenty left over. They generally have large asset and property portfolios and/or a successful business.
I once bought a ferragamo wallet because I am an idiot and wanted to impress the person I was with. I could have bought 40 regular wallets for the price I paid. I still have the wallet but simply to remind me never to be that stupid again.
You learned the lesson well 😊
You live and you learn. I live by the I'll take the Rulp Luren version 😁 It's just as nice , better for the wallet, and no one can tell and if they can tell - do I care?
If you really want to impress, make a paper wallet. You can find instructions on UA-cam. I made mine from a sales ad. I've had the same one for five years now; people are always impressed by it. It only cost me a little scotch tape.
Great comment, lesson learned, buddy
Agreed! I bought a LV bag and never use it. Luckily, I got it from Tradsey for $800 so I didn’t pay full price. But a huge regret!
This is kind of clickbaity. Rich people buy luxury items. They don't buy the luxury items that are "as seen on xyz" Outside of celebrity culture, actual wealthy people wear brands such as Loro Piano and they buy Delvaux bags, luxury brands that offer custom tailoring in-store. They spend money on quality, so they don't have to spend on quantity.
@@damnjustassignmeone that’s my point. You don’t go to Saks, you buy quality items. It cost more than getting some cheap shirts from H&M that dissolve in one wash. Also, if you’re not a handbag person you probably don’t know Delvaux. They’re the oldest luxury goods maker and they don’t really do mass marketing. Hence why I said wealthy people don’t wear brands “as seen on xyz…” they’re non-descriptive bags and those who know, know.
@@damnjustassignmeone because you probably get quality custom made suits right? Then rewear them if you actually need a suit?
@@damnjustassignmeone yeah, I could see that. I know money is seen as a way to save time by wealthy people and I get that. I am a on a wealth building journey and I’ve done well for myself thus far but I feel as if I have a hobby such as fashion and spend within my means I feel that luxury fashion can be enjoyable. But I also see the harm in excessive spending and going broke to “look” rich.
stereotype, Sloane Rangers for example love M&S, a supermarket brand in England
Hahahaha quality? The quality is for middke clas items. The luxury brand 1000x expensive and with the same somethimes lower quslity than the midfle class product
Great video, Vincent. However, you're missing quite an important point here. While I acknowledge that Zuckerberg and Gates don't need to buy Gucci-branded t-shirts to display their wealth, they do purchase clothing from luxury brands. They prefer quiet luxury brands with no visible logos, such as Loro Piana and Brioni, over loud luxury brands like Louis Vuitton and Balenciaga. For example, the founder of Facebook exclusively wears tailored t-shirts from a luxury brand Brunello Cucinelli.
I didn't know about those brands, but yeah, where else are they buying their clothes? H&M? I lately have a hard time to find clothes with a decent quality, so there must be luxury brands out there where rich people buy.
Just bc you saw a billionaire wear a “quiet luxury” brand doesn’t mean most wealthy people buy this stuff. 99% of people most would consider rich aren’t billionaires, and most of them don’t buy luxury goods at all. Or maybe only rarely. Most rich people have money bc they don’t go around wasting it.
Lies! Zuck and Gates wear Gap! The poor are buying all of this luxury stuff as a treat!! 🙄🙄🙄
@@damnjustassignmeonemy mindset has changed towards money recently, having all the latest this and that does keep you poor to a extent, its all smoke and mirrors really, also alot of these companies rely on poor people also being uneducated regarding money
Yes, his t shirt costs $400.
I think what make someone rich is not what they buy, but the fact they can buy what they want when they want. Same
Thing with vacation. They vacation anywhere, any way, and whenever. You're rich when you don't worry about life.
For the rich being rich is they can't buy luxury,waste money, being stingy when giving employee his/her money. because theyr past poor lifetime is nightmare for them and they always want to save it
Perfectly said.
I have absolutely benefited from wearing "luxury" brands or dressing really top notch. However, I realised it was not the brands that made me benefit from this, it was how groomed I looked. I had someone point to my handbag I got for £100 on sale (£400 retail price) and ask me where I got it and guessed it cost thousands of pounds, It made me laugh. Looking well groomed, tidy, and wearing high quality (does not have to be expensive nor branded) and behaving with manners, grace and kindness will do the trick.
Facts
Your comment contradicts itself
If you want to look wealthy, be physically fit, be well groomed, and wear well-fitting clothes with no logos.
IF YOU LOOK LIKE YOUR PHILOSOPHICAL BELIEFS, YOU MUST BE REALLY BEAUTIFUL (HANDSOME).
No cause someone asked me where I got my “leather” rucksack from and I said Primark on sale for £5 and they looked at me like I was an alien. 👽 Apparently it looked a lot more expensive. I dislike primark but they do have nice bags.
None of the brands mentioned are considered luxury, discreet brands; if you don't know, you don't know.
I used to pick orders at Amazon and I spent 8 hours picking luxury item orders one day and at the end of my shift I saw the trailer that my orders were put on, pull off the dock and I saw that it was a trash trailer! I was so mad and I asked why don they give them to us (the employees) and my supervisor said it would bring down their value (the clothing brands). And they dumped the clothes inside of a massive indoor burn pit where the DEA destroys drugs so that no one ever sees. So if you ever see a trash semi TRAILER leaving Amazon and not a dumpster trash truck there's probably luxury items on it and the driver doesn't know it.
@onlythemessenger-my8ny Sounds like a scam. Lesson is buy it because you like it. Don’t buy for the badge
ok
My wife and I have a net worth over $10M. We don't own a single luxury/designer item. We Live in a middle class neighborhoof and shop at Walmart and HEB just like when we were young and broke. Neither of us has any interest in buying anything Gucci, LV, or whatever. We're too sensible to spend so foolishly.
Same here with my husband. Retired at 50, have multiple properties and big portfolios in shares and bonds. We look fairly low middle class ( as per Europe meaning). Some might even look down on us because we have two cheap old cars and very average house, but we have all we need.
We never bought any designer crap. Husband worked as an engineer in the oil and gas industry and I worked in finance. I bought my clothes in high street shops, never design. I still ended up earning very good money cause I delivered on my projects and went beyond, trouble shooting other teams problems that they were too incompetent or lazy to solve.
It paid off leaving within our means and saving and investing more and more as we earned more. We still spent money, in travel taking up to 4 or 6 months off, every few years, to travel the world and staying in backpacker places. But that was our only big expense. And still modest budget compared to people extravagant “luxury” holidays. We did camp a lot! But no regret we had a blast.
Congratulations on your wealth! No doubt you earned it. Hopefully, you are donating to deserving and effective
charities on a regular basis so you are building up spiritual wealth also.
beign wealthy and eat poor man's garbage from walmart? come on... buying luxury accessories is ridicolous but at least get some good quality food
Worry not...your children and grandchildren will spend all your money with luxuries! Lol
@@Tonyx.yt.Exactly 😂 Good food >>
When I first read the Millionaire Next Door I was shocked to find out "Ford" is the most common car brand among millionaires, and Walmart was in the top places millionaires go to buy clothes. Such a great message and thanks for the reminder not to believe everything we see on social media! :)
A million is not nearly what it used to be to be. There would be a lot less millionaires if they all decided to spend all the money they have, so I’m not surprised that those sort of stores and products are popular with them. Money is like sand, if you are not careful how you hold on to it, you will find yourself with nothing before you realize it.
If we agree to define "millionaire" as someone with assets totaling at least $1,000,000. That can mean the value of their home, 401k, savings account, investments, and belongings added together, equal or barely surpass the million dollar mark. Someone in this situation still needs to be careful with their money. It's the *multimillionaires*, folks with much more money, who can afford to splurge and spend on luxuries.
The Book was originally published back when $1m in assets was a relatively rare and significant sum. The point still stands that normal, wealthy people drive normal cars and don't blow their money on depreciating assets. They recognize the true costs and values of their purchases.
@@alberttang6955Trust me, most people with several million in net worth don’t go around buying luxury goods either, at least not often. Sadly, most of the market is lower and middle class people.
Walmart is a dump
Luxury brands make such gross looking products. I don't understand why anyone would want them- especially for the price. 😅
Ikr!! The prints are hideous, paying thousands of dollars to be a walking advertisement.
My pet hate is LV, their handbags look like cheap Chinese knockoffs.
Nah, you just haven't seen beyond the spend threshold. Louis Vutton starts to look good after 10k. For Gucci, it seems to be after 5k. The more you spend, the more subtle the branding and the more beautiful the product.
In some ways, its part of their marketing. A $500 Gucci belt with a huge GG buckle or a $1000 LV bag covered in monogram is a (relatively) easy point of entry into "the club". The caveat is you're a walking advertisement.
Walked into a Gucci shop once and saw a beautiful reversible denim jacket that felt heavy and sturdy, 5k. You wouldn't know it was Gucci unless you saw the reversible side. Their web shoes with scream Gucci are 2/3rds the price of a Jordaan or 1953 Horsebit which don't have any obvious branding and are the literal loafers everyone else copies.
Go to LV or Gucci and sort from low to high. After a while I bet you'll see something you'll admit is nice and notice the price tier is higher.
@whyaskmenoely25 I call that hood business. Gucci targets wannabes with the flashy logo junk and the wealthy with the subtle quality clothes
actual luxury brands aren't for poor people, they don't even know it exists
I’m technically in the top 1%, and I can pretty much guarantee I don’t know any of these brands either. I drive a Toyota after all.
Nah. That doesn't fit their black shirt narrative. Poor people buy all the designer brands. Who is trying to pay rent and utilities when the new Vuitton watch just dropped?!
@damnjustassignmeone, how many times are you going to make the same comment that you drive a Toyota?
Also, you seem to have made it your mission to reply to every comment I make. Really odd.
When they say "poor people" they are not talking about actually dirt poor people who live paycheck to paycheck on rents and groceries. They are talking about middle class people who are slowly but surely slipping down into lower class, aka the forever-rent-paying till death class who is one paycheck away from being homeless.
I buy more expensive stuff hoping it will last longer and work better than a cheaper counterpart. nothing more
Same
True.
Buy it once is my motto too.
Exactly! One of my bags is a 40 year old Louis Vuitton bag, I have a 20 plus year old Celine. Those in extremely good condition, quality leather... While those days I see LV peeling/cracking on less then 1 year...
I realized this a long time ago when I started working as a business manager for wealthy people. They spend very little on luxury items. Most of them will only spend money on real estate and investments.
Tex ofc Business expenses trump discretionary spending
My sister who is a podiatrist spent time volunteering with people living in poverty in Niger where she made shoes for those with foot deformities due to leprosy. She said the people in the community had no incomes and were very poor. But if a someone did manage to make some money they didn't buy food or things for their home, they would buy a hat. A hat immediately gave them status and elevated them above their compatriots. People are the same all over it seems.
"You got gucci, but you sleep on an air mattress."
I used to work in apartment management. The number of Lexus and Range rovers parked on shitbox properties always astounded me.
@@AG-iu9lv I think my brother was like that. Drove a Lexus and slept on an airmatress.
Nobody is talking about this? I've seen dozens of these "rich people don't buy luxury brands" video essays in the last 6 months.
Me too. It is weird af.
This is some kind of propaganda surfing around the net. These content creators have been told to make these videos.
There are many many different luxury brands. Wealthy people usually don’t buy logos… (only cool ones lol) but they do buy over the top expensive clothes & accessories to match their social networks. In our circle we buy a certain coffee, which is ridiculously expensive and shop clothes from conscious companies that are 1000x more expensive. So we pay the similar amount like for LV or GUCCI, but it doesn’t show off as much… BUT our friends know exactly what brand it is and how much it is. So… it’s all about who you hang out with. Also, if you buy quality brands or luxury, some of the value is not lost as you wear it. Most of my clothes are resold for a decent amount at luxury second hand markets. So it’s investment wise a good choice & your own value increases in some circles. But I do understand why some people choose to not buy luxury. Whichever is fine. It all depends on how you wish to spend your money.
Truly wealthy people still have luxury goods. May not be every single one of them, but yes, they do. Such a weird thing to say that rich people don't have designer stuff lol
Hopium for bores who spend nothing to feel good about themselves
@ I feel like that's gotta be what's happening. There seems to be a trend nowadays of people spreading rumors that wealthy people don't buy nice things lol. That's so far from true.
I personally don't think luxury brands are for broke people. Buying organic food could be perceived as luxury by some while others are willing to pay because of its perceived benefits. Remember, if you are wealthy, a lot of these 'luxury' brands become regular to you. The same way some people pay for a gated community because they want to be there, others will think it's luxury. Luxury is a status based on wants, not needs; if i want to get to work and have a personal space, I'll prefer a car, not public transportation. Now if i decide to get to work in a rented limousine,it might be something on my bucket list, not luxury. So you see, luxury is a matter of a state or status; physically, mentally, financially, etc. Even contributing to a retirement plan could be a perceived as 'luxury' because not all jobs come with retirement plans.
you said it all
That trash bag for 2000$ is insanity 0:26
it's called Balenciaga
There is luxury and there is brands that pretend to be luxury. A £500 Crockett and jones shoes is extremely high quality and will last you a lifetime vs a shoe with a Gucci logo.
Premium brands offer quality. Designer brands offer logos
As a top 2%-er on net worth, i don't buy luxury goods. I save and invest and have no debt. Retired at 55 with millions. 16 year old SUV that runs great, too!
Everybody looks at celebrities and billionaires, not the millionaire next door. That’s why people get it in their head that rich people go through life throwing their money around. Anyhow, yes, I’m in a similar situation. Not retired yet, but I’m fortunate to have more than I need. And I drive a Toyota.
I buy luxury watches and luxury car. 35 and a centimillionaire
Surely you have a plan to spend a bit more lavishly for retirement? People who retire early with over $5M have technically fatfired and usually like to enjoy their retirement by spending on things that matter to them.
@@cap4life1 Of course. I live very nicely. I just don't buy luxury goods. I travel a lot, mostly flying first class and 4 and 5 star hotels. I'll eat out anywhere I want whenever I want. Gamble. I live in an upscale community. But I won't buy a shirt for $100 (I'll get it for $19 at an outlet). No jewelry, watches, or 50 pairs of shoes, things like that. I spend on pleasures, not material things. I already bought the "things" I need.
@@paulj2948Hell, you could just fly economics and save more money and rent a whole apartment. And seriously, I wwould rather spend the gamble money on custom made shirts and suits. The point is, everyone has a soft spot for the most stupid shit, so don’t judge.
luxury only got accessible to people cause of social media. during 80s, 90s and early y2k you only get influenced through magazines and celebrities wearing them. i mean i didnt know even what luxury brands were when i was broke broke.
If you're charging a $3k bag and not paying it right off, youre poor and can't afford it.
Does that apply to other things like a car, a house or going to college?
I’m technically in the top 1%. I drive a Toyota and paid cash for it. I firmly believe most middle class people should not be wasting money on new cars. They’re just too expensive these days. Also, if you have to take out a 60+ month loan for a new car, you probably can’t really afford it.
@@vonettadevo Those are needs, not wants. Those big ticket items are necessities you can't get around financing. However, if you have $200 in your bank account and you charge a handbag on a credit card for $3,000 and pay off installments at %18 interest, you're financially illiterate (not to mention broke and putting yourself further in the hole).
@@paulj2948I was trying to understand your overall philosophy on spending. I know a luxury handbag is not a necessity. But people buy things they can’t afford. Some folks think you need to pay cash for everything or you can’t afford it. Including a car. And if you have to take out loans for college, you shouldn’t go.
@@damnjustassignmeone crap.. you have spammed the comment section with claims your at the top 1%. Are you seeking some sort of validation? I can be wrong but people at the top 1% won't spend too much time claiming they are in the top 1%. Just my 2 cents.
Tbh many people are talking about this. I've found that so many youtubers are making the same videos about the same topics and making all the same points.
Better than a designer logo bag is a good haircut, minimal makeup, well groomed nails, and clean and freshly ironed clothes.
Oh, I so agree!!!
Also take into account that brands like LV have high resale on certain collections meaning someone (probably middle or lower class) will buy it with the whole intention of reselling it later on while most aren’t worth the investment some pieces age like art and increase in value a lot over time
Great video! The only note I’d add is that the “lower” class and middle class consumer debt is from more than just luxury brand spending or “keeping up with the Joneses”. According to the stories covering consumer debt, people are living paycheck to paycheck as their wages have not kept up with inflation or the cost of living in some cases. And most people can’t afford to budget to accumulate $1,000 in savings. Families are using credit cards to buy gas, groceries, eating out, and for emergencies as well. Luxury spending is much more a phenomenon for people in middle and upper middle class than lower or poor, because of the disparity in access to disposable income or credit.
Agreed.
There are only few staple luxury brands I purchase because of the quality.
Most middle class people wouldn’t know the brand and that is what I like the most - it being unknown.
Plus, I don’t like a lot of logos, as I am not a billboard for any brand.
If you want to know who doesn’t have the money to purchase lux,
just look to those wearing a T-shirt pronouncing the brand name.
live and learn
UHNWI and HNWI certainly buy luxury … not everyone will recognize the brands but they spend a great deal on their homes, transportation, food, vacations and hobbies.
making trash bags as luxury garments
Something that gets glossed over by this video and by others on YT discussing the higher end brands is quality. I went and bought a backpack that looked like something by Jansport/Eastpak, no brand, and was 1/3 of the price. 3 months later I had to buy another one, and 3 months later I bought a proper Eastpak backpack that lasted me years because of the quality of the brand. Likewise with something like Supreme and their tees and underwear - they last forever compared to fruit of the loom stuff that falls apart relatively quickly and doesn't feel heavyweight. The Diesel jacket that my in-laws bought me has lasted 5 years without a single tear despite me wearing it a LOT and washing it when I need to.
Boots theory in action. I could care about labels but I believe in buying quality. Sometimes its hand in hand. I buy CK underwear, why since I'm a 50 something married guy, it doesn't sag and stretch out like cheaper brands. I would spend a lot more in the long run replacing cheaper and be less comfortable than buying the Calvins. I also found their dress socks don't lose their elastic and start to sag near as quick as the cheaper stuff I used to buy and I am so over saggy socks.
Good point. Sometimes you have to pay for quality.
Supreme does not last 😂 terrible example
I like to buy luxury brands once in a while because of their quality and design. And certainly still have my savings (emergency, sinking, travel funds) untouched. I dont think this applies to all. We all have different reasons for wanting to buy luxury items!
True.
Rich people do buy those brands but it's different than what one would assume.
This is what i have realised after being on social media and following fashion and lifestyle influencers and models for a long time.
Many are escorts to rich people and rich people buy those luxury goodies for their mistresses and other promiscuity partners.
So while rich-rich men may not always end up using those products, they do end up spending on those indirectly.
Rich-rich women do buy those products especially those who have ancestral wealth.
Great content! Very relatable and too many people that aren’t truly wealthy are wasting their money on luxury when they should be saving and investing their money into longer term investments
The study isn't accurate. During COVID , luxury brands captured a lot of discretionary spending. Since interest rates went up and people can travel that trend hasn't continued.
The only luxury worth having is early retirement.
People who wanted to show off their wealth by buying branded items should not be ridiculed. Leave them alone.
Yes, they should be ridiculed
Buy it for the design and quality, not the status, and do it in 2nd hand stores. Not every high end item is of good quality, so train your eye to identify good craftsmanship.
I don't entirely agree. What IS for broke people are things like the daily Starbucks latte and eating out for lunch all the time. Being frugal in your daily life and occasionally buying yourself something luxurious which you will own for a long time, is perfectly fine.
You're probably broke
@@quidproquo82 I'm wondering why you would say that.
I agree. I own a ton of luxury items paid for with my own cash, zero debt, but frugal at the same time. I mow my own lawn, cut my own hair, clean my own house, cook my own meals and make my own coffee…it’s all relative on how much you earn and how you save.
@@quidproquo82you’re probably jealous.
I rather have a paid off house
Most people would. But a lot of people who buy these shallow luxury items to feel better about themselves because they can't afford the house, might as well get something else nice.
If you can afford a luxury brand even on credit , you are definitely not broke
korek
All the genuinely rich people I know of do not buy many obvious garish brand names (when it comes to clothing at least). If someone dresses head to toes in brands you know they're desperate to be perceived as wealthy.. whilst clearly they havent actually looked at what rich people in general buy. Most rich people are actually understated with their style.
Everytime I see “luxury” name brand. l think its fake or the person has poverty mentality desperate to show everyone they not poor.
I’ve been seeing a lot of young people where ESSENTIAL lately is this a luxury trend
How can broke people afford to be fake rich? I'm broke and cannot afford to be real broke.
They can't. That's the point.
Creditcard my friend
They coined a term-bougie broké. Which I think means you can’t save a down payment but have a $60 candle on your coffee table to make yourself feel better.
Here’s an example: A friend of a friend who works at ihop (and has 3 kids) spent her tax return on brand new Louboutin heels and an LV bag last year. That’s how. Or debt. (Only talking about people who can’t afford it).
@@mmajinn I didn't think about that. I don't have one. If I don't have the money up front for something, I just go without.
Well, style is not correlated with a price tag.
The cut, colors, meterial & the body underneath it makes a good look.
I buy luxury goods when I hit some sort of milestones. I remember getting my big boy job and getting an LV wallet and then a cartier tank when I turned 30. Prob the only luxury goods I've own.
My Crocket and Jones oxfords ...theyre 20 years old now. The annual depreciation is now zero and my shoes are "free".
Also wealthy folks don’t want to buy luxury brands that middle class people are wearing.
I’m not broke, and I still buy luxury goods cuz they look good and fit better. This kinda contents are just spread out prejudices and stereotypes about luxury consumers 😅
Misleading. You think the VIP clients at Hermes and Chanel are broke just flexxing? You clearly do not know much about these luxury fashion brands. Of course there are wealthy people that don't like to show their wealth in materialistic goods, but the broad generalizations are not correct. Ask any sales associate at these high end boutiques in any major city - their clients broke college students in debt to million/billionaire executives and their spouses.The client buying the gucci bag and the client buying the hermes couch are NOT the same socioeconomically.
Thanks!
Nothing wrong with luxury brands if that’s why you like. Why are we brand shaming people for content?
Yes! Agree!! Some people choose to buy luxury because of its quality and elegance and not to just show off!
Don’t want to admit you’re a mark😂
If you go to the fancy mall in Dallas the lines at LV are all black people. The time I went there the line was long and there was literally no white people despite mostly white people in the mall.
This content is so dumb. I've seen dozens of videos on this subject and I don't get it. Why looking poor is important. tbh I don't trust anyone who looks like a bum.
wtf? Balenciaga was such a nice brand. then they did the trash bag
This is me with Rolex and Patek watches. I’m nearly broke because of my 12 watches.
11:00 $6,000 a month? Brother I’m making $2000 a month working full time. It’s all going towards “needs”.
Great video up until the stuff at the end. We don’t need to manage our money like the 1%, we need to change the entire system so 1% isn’t a thing.
1:46 this is just a marketing talking, if say sell product to rich ppl, it make normal folks felt excluded, and normal folks can get rich in future too. but saying is for ppl want to indulge themselves, make everyone included, and that doesn't mean they charged any less for their products in the same time. but it sound good for the brand image.
I know many rich people that wear cucci, hermes and other brands. It’s about the person and what they like to wear, how do you think poor people can afford louis vuitton if they don’t have money.
But they’re rich you’re not
The poor can afford it because they have credit cards and the debt that goes along with them.
i hate that people assume i paid for my designer clothes. my favorite articles of clothing are designer, but i barely paid for any of them. most of them were free. i hate the perspective of the people dont understand its not about the price.
5:19 Luxury Splurge 'PORBLEMS'. Yup definitely a 'porblem'.
I used to work for luxury brands importer in Japan, I could get a bag for 20% of the retail price. Because of this experience, I hate to buy any of luxury brands handbags.I feel stupid when I pay full price and help these luxury brands owner to become wealthier.
This is all clickbait. Some rich people do buy expensive brands. Some "poor" people also buy expensive brands. Everyone talks about it.
It’s that the majority of buyers are poor, not that the rich aren’t buying this too. But most rich people I know, which are in the 100+ millions, care less about brands but maybe because they are in tech where the poorest looking guys are the richest.
Found the guy with a Gucci belt
Idk, it’s one thing to buy things for quality, but people who buy these things don’t do it for that reason. Why? Why do they humiliate themselves by being on a wait list, having to wait in line to get into an empty store or be a walking billboard. So many unfortunate people in this world to help and they chose throw money at useless stuff like that. Says a lot about them actually.
Great video but 50/30/20 always blows my mind. Allocating more to wants than saving seems odd, but it could just be me.
Bro, i think 4ra’s new ads show their commitment to quality. love seeing their dedication.
Interesting....🤔 Buy what you need and save enough money to buy what you want that not only value, it will last long.
Thank you for the information and keep it up! 😎👍
Im a multi millionaire who likes French and Italian apparel made by designer/luxury brands because of fine craftsmanship and quality materials. I do my best to avoid articles that have large and obvious logos. Usually those are the most expensive articles in the collection. The less expensive articles usually carry the loudest branding so that more people can buy them and effectively become walking billboards for the brand.
I shop at factory outlets and scored a 1k suit for $180AUD. I also had a number of co-workers this week comment on my Coach tote that fits my laptop and lunch box on how luxurious it was. I proudly said it was $400 after 60% off. If you know where to look you can get top quality brands that don't have their labels all over it for crazy mark downs if you hold off and shop the sales. My best trick this year was clearance Julius Marlow (?) Shoes 5 pairs at $50 each down from $150+
In Australia due to import exclusivity everyday brands in the US like Tommy,CK and even American eagle are marked up crazy. I only buy on discount.
Love shopping at Melbourne outlets 🛍
@joanneburford6364 I work over the water from Southwarf DFO and its so tempting 😁😁😁 it's my shortcut to get home near South Melbourne market
Great video, I use to love luxury goods until I realise there is more to life than partaking in consumerism. Back then it was a bit more affordable, now the prices are just ridiculous
the thumbnail, when this is the 1000th video going over the same subject with the same script xD
This is so true! I work at a condo where units are several million dollars. Most do not wear luxury items at all.
🙌🏼🙌🏼🙌🏼 “manufactured exclusivity”
I worked with a wealthy woman who owned a collection of " *amzclothes* " and "luxury" handbags and clothes. Somewhere is real, somewhere is a replica, you honestly can't tell the difference. She taught me how to mix and match, she taught me to shop at *amzclothes* , especially trendy clothes, instead of spending $5,000 on something that will be out of style next year.
Luxury Splurge Problems* - great video
I'm wealthy, and I would happily pay more for products that are clearly better and more durable, but I don't see it. Above the cheapo level, it seems to be pretty much all the same, except for some goods that have a "professional" or "commercial" grade.
It’s not the luxury brands’ fault. And the American dream is not “out of reach” it’s that people keep buying crap they don’t need and there’s more crap to buy now than ever before.
I think is also about standing out being different! If it’s Saturday night in your city, all the guys are gonna go to the mall find an outfit you ordered something online that cost a little bit more when you go out nobody looks like you
Insightful. Nice.
Just been to Milan and we’ve been into the shops of the main brands at the Galleria Vittorio. I thought everyone was all smiles and really friendly and helpful, neither the doorman nor the sales people seems snooty or arrogant or anything like that. We spoke to at least 10 people at Dior, LV, ESL, Gucci, etc, and no bad experience even when we left not having bought anything.
People buying latest iPhone that cost more than their salary to show off
Rather than the branded ones i was thought by a good friend who i know is well off but doesn't spend a dime on any of those luxury brands.. they said its better to get custom made pieces, its surprisingly cheaper than branded ones but the quality and material is guaranteed, like shoes, bags and clothes.. a good example was their leather school shoes they've worn 15 so years ago was even handed down to their son and nobody could tell it is.. I'm no fan of anything branded but i think I'll consider getting a customed purse or shoes maybe
“I got some money that needs spending on some expensive trash” - Carl Johnson
If you are rich you don't care about the cost. You are poor....like me that is why we watch this video
Hi. Great insights. What is the name of the study conducted in 2021, I like to read it?
Maybe that's why I never bought luxury brands. I bought my first house at 23 years old. I already felt like i'd made it and my friends wearing luxury clothes looked crazy to me.
I left Toronto in 2022 when my detached house was paid off and people were offering millions for it. I think the buyer overpaid, I see they weren't able to find a renter to pay the mortgage they must have taken on. Looks like the bank is taking it back off them. I moved to far away to a much cheaper area into a $450k house, bought 2 other cheap houses and rent them out. Rent is relatively low because we didn't need to take on a mortgage, I see other landlords struggling to find renters. Put the rest into investments and paying for our oldest daughter to go to college. With 5 kids we've got a lot of post-secondary to pay for and our youngest are 1.5 yo twins.
I hope our kids never feel like they need to waste money on luxury goods to feel successful. We're doing our absolute best to give them the best start we can.
I buy luxury brands... at a discounted Tj Maxx price 😃
I have slowly come to realise this myself over the last 10 years. The richest guy I know who lives in Switzerland and "owns" a university drives around in a very basic Toyota. People have adopted this strange idea that if they look the part with luxury brands that "success" will automatically follow. It's overpriced nonsense.
I buy my luxury bags “preloved” I got a The row bag for $5
6:16 I thank you for saying that.
I decided to treat myself to a Rolex when I got my CPA license. It took me 6 years of college and 2 years of additional study and prep to pass. I was ultimately called to pick up my new Explorer II watch.
It was a lot of money, but it will likely be one of the few times I splurge at that level.
All the hard work, discipline, and sacrifices made owning that watch much more meaningful.
Broke people are not buying luxury goods, they're struggling to pay for their bills and groceries. Why are men always making these videos and just telling on themselves? Also, why does it matter what others spend their money on? *Checks bio* oh... because he's selling a course