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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...
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