The number of people buying luxury goods from famous brands is increasing. The plausible reasons are because the products are high in quality and they impact on self-esteem and a sense of accomplishment. However, I argue that this typically brings some negative influences, such as homogenization of style and economic disparities.
There are 2 main contributing factors to why people purchase high priced brand products. One reason is that the quality of products manufactured by well-known companies is high compared to generic brands. People can utilize them for a longer period of time because the material is quality. Most generic brands copy famous brand and as a result, products cannot perform well, or break down sooner than the upscale version. Moreover, when people do extravagant purchases, it influences their self-esteem. Particularly, wealthy people have tendency to own things to impress people, they want to look appeal and in higher status.
In general, I view this tendency negatively. Buying cost-prohibitive brand products can lead to the homogenization of style. This literally means that it limits the diversity and individual expressions as people around the world purchase the same products. Secondly, there will be an economic disparity in the society. Not all people can afford expensive brand products and this may cause a huge gap between affluent and ordinary people. As a result, those with limited financial means can feel exclusion and inadequacy.
In conclusion, more people are making a purchase of luxury brand products aiming to make use of high quality goods and hold other people’s attention. However, this development can foster several negatives, such as styles becoming homogeneous or economic gap among groups.