It is believed that the high cost of a purchase encourages customers to value it more. I tend to agree with such a statement.
On the one hand, there is a high probability that more and less expensive items are practically made from the same fabric, but one of them has a logo of a famous company on it, which is the reason why the price is tripled. People are used to overspending on a purchase from a well-known brand, that has a long history and reputation rather, than buying a cheaper analogue from a new small business. Overall, most of the time there is no need for extra expenditure, as products often have nearly the same quality.
On the other hand, during a time of extremely high inflation and when the world economy is fluctuating, the younger generation cannot afford real estate, replacing it, surprisingly, with high priced clothes, drinks and food. The number of properties is no longer a clear sign of wealth, however dependence on social opinion remains the same. Therefore, being under pressure from social media with its trends and influencers, people as a rule buy more expensive products which, due to the general agenda of attention to environmental issues, wellness and mindful living, are expected to be healthier and ecologically clean. For instance, in recent years luxury items such as Birkin bags have become a symbol of status, where even people may spend years waiting and feel humiliated by having to build purchase history and chase approval just to be allowed to own one. Similarly, nowadays a smoothie by blogger Hailey Bieber for 20 dollars is exactly what shows status and awareness of trends, rather than real financial stability.
In conclusion, thanks to aggressive marketing, social pressure and the desire to appear successful, consumers are often forced to overpay for things they do not truly need. I strongly believe that the golden middle must be maintained.