When Overspending Backfires

Sustainable Minimalists

Bleav + Stephanie Seferian

Home & Garden, Kids & Family, Parenting, Leisure

4.8 • 1.1K Ratings

🗓️ 10 March 2020

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

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... Read More Read More The post When Overspending Backfires appeared first on Sustainable Minimalists. Our Sponsors:* Thank you to LifeStraw! https://lifestraw.com/Support this podcast at — https://redcircle.com/sustainable-minimalists/exclusive-content

Transcript

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0:00.0	I'm Stephanie Safarian and this is episode 114.
0:05.0	You are listening to the Sustainable Minimalist Podcast, a show about living simply and sustainably with your family.
0:12.0	Here's your host, Stephanie Safarian.
0:16.8	Hello, there friends and welcome back.
0:19.5	On today's show, we are discussing
0:21.6	how luxury purchases make us feel. Now luxury purchases
0:26.6	mean different things to different people right? What's luxury for me might be a fancy name brand handbag, whereas luxury for you might be the purchase of a private airplane.
0:42.0	And although different consumers have different ideas about what exactly
0:48.0	constitutes luxury, consumers are united in how these Fanci-Smanci purchases end up making us feel.
0:57.6	Let's take my designer handbag for example.
1:01.2	Let's say I go into the store and I pick out a real beauty, right?
1:05.7	It's pristine. It's of high quality. It is a name brand that is in high demand.
1:12.1	How do you think I'm going to feel after purchasing it?
1:15.5	I'm going to feel awesome, right? I just scored this amazing new beautiful bag that
1:20.5	everybody wants. Well hold on to your horses. Research into luxury
1:26.5	consumption has a lot to say about how I'm going to feel after purchasing that
1:31.0	bag and spoiler alert I'm not going to feel as awesome as you
1:36.3	may think. On today's show I am speaking with Dr. Daphna Gore and Dr. Nyla
1:42.4	or de Baiava, two researchers behind the study entitled
1:46.2	The Paradox of Luxury consumption, Understanding Consumers Feelings of Inauthenticity.
1:56.2	In our conversation today we get into the real reasons why our aspirational purchases often backfire. Enjoy the interview.
2:03.0	Dr. Gore and Dr. Orda Bayeva, thank you so much for joining me on the Sustainable Minimalist Podcast.
	...

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