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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
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.
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.
I thought about getting a second hand Rolex air king from Bob's used watches, you know, just for some resale value down the line, but now I could not give 2 shits about it. Would rather fly back to Japan and shop at the Grand Seiko store, at least it would have a story behind it.
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
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.
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.
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.
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
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.
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.
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
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 RUclips. 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.
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 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 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
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.
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.
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.
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.
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.
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.
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’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.
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).
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.
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.
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.
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.
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!
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.
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 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 😅
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.
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
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
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.
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.
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.
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.
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
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.
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.
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
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.
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 think this is meant for Americans. Europeans and Asians you know in Europe and Asia love their luxury goods. There’s no doubt luxury good sell well in China for example well there’s a lot of billionaires per capita. Also, trust me! I’ve worked with people who are millionaires and they love their luxury brands as well. For f sake, they have the money! Lol
What if people have extra money to waste? That’s what I never get about videos like this, they never mention the average consumer who has room to waste their finances on trivial items…
Not just China, Americans, Europeans, Japanese, Koreans, Middle Eastern citizens and others as well. There are more Chinese middle class buying these because its total population size is a lot larger than other countries.
Spoken like someone who doesn't know actual wealthy people. Buying a Birkin bag is actually a good investment - their value tend to increase with time. Same with many exclusive watches - they can be considered "investments" whereas a basic 150$ watch never will. Run-of-the-mill flashy luxury good are for broke people. But I've met my fair share of of actually wealthy people and most of them aren't wearing cheap clothes or driving shit boxes. They are buying the ACTUAL luxury goods.
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.
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.
Really?! 😂 next your gonna tell me luxury cars are for brokies. The rich are the ones attending their fashion show and buying out collections no broke person can afford that. Next you're gonna tell me rich people get all of their clothes from target and they drive Toyota's and fly economy. You sound ridiculous.
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.
Let’s be honest wealthy people do like & buy luxury things, but it’s not the flashy luxury brands that majority of people know & wear. Back in the day when Bottega Veneta was less known it was one the most popular brands amongst wealthy customers, same goes for Brunello Cucinelli & Loro Piana. Nowadays LVMH or Kering keep buying up everything & promoting these brands as well as quality going down the drain. Thus wealthy customers once again switch to lesser known luxury brands with better quality🤷🏻♀️
There are price points for everyone and I don't agree that luxury brands are targeting broke people. I think it's insensitive to specifically call out Broke People in this video. With the hyper inflation post covid even average people are finding it hard to keep up with the cost of living . Luxury brands are not that dumb to target the wrong customer base and their sales figures speak for themselves i.e. they are still making billions even if there is contraction with their sales of late.
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! 😎👍
I am not going to lie but I love luxury brands, unfortunately I grew up low income and buying these ruin your finances and your financial stability in the future. They definitely target 🎯, the black communities.
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 friends and I spent the most on luxury goods when we were in our early 20s and had no real responsibilities so we could spend frivolously on dumb designer shit like sunglasses or wallets. I'm also sure that the vast majority of "luxury" spending is on those cheaper accessories like sunglasses and small leather goods, but don't quote me on that. Anyway, now that I'm older and therefore wiser, I have access to the fakes black market >:) I think a lot of older poors like myself prefer to go this route.
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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
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Most people buy fake bags because they like the authentic design but like the price of the fake *condup*
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.
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
Great video, people often live beyond their income just to look rich.
Different question, I like your glases, where are they from? :)
The most expensive brand I buy is Ralph Lauren, regular not Purple Label.
I thought about getting a second hand Rolex air king from Bob's used watches, you know, just for some resale value down the line, but now I could not give 2 shits about it. Would rather fly back to Japan and shop at the Grand Seiko store, at least it would have a story behind it.
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
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.
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 😂
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 😂
It's not like rich people don't buy expensive clothes. They just buy different ones which don't have huge brand logos.
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.
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.
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.
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.
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
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 RUclips. 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!
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 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.
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
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.
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 >>
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.
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.
None of the brands mentioned are considered luxury, discreet brands; if you don't know, you don't know.
Everytime I see “luxury” name brand. l think its fake or the person has poverty mentality desperate to show everyone they not poor.
I rather have a paid off house
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
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.
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...
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.
"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.
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 $3,000 and pay off installments at %18 interest, you're financially illiterate (not to mention broke and putting yourself further in the hole).
@@paulj2948I was trying to understand your overall philosophy on spending. I know a luxury handbag is not a necessity. But people buy things they can’t afford. Some folks think you need to pay cash for everything or you can’t afford it. Including a car. And if you have to take out loans for college, you shouldn’t go.
@@damnjustassignmeone crap.. you have spammed the comment section with claims your at the top 1%. Are you seeking some sort of validation? I can be wrong but people at the top 1% won't spend too much time claiming they are in the top 1%. Just my 2 cents.
That trash bag for 2000$ is insanity 0:26
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.
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.
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.
The only luxury worth having is early retirement.
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.
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
This is me with Rolex and Patek watches. I’m nearly broke because of my 12 watches.
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.
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.
5:19 Luxury Splurge 'PORBLEMS'. Yup definitely a 'porblem'.
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 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 😅
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
Instead of looking rich I buy Wal Mart clothes and I use my money for investing.
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
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
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.
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.
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.
If you can afford a luxury brand even on credit , you are definitely not broke
korek
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.
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
Also wealthy folks don’t want to buy luxury brands that middle class people are wearing.
People who wanted to show off their wealth by buying branded items should not be ridiculed. Leave them alone.
Yes, they should be ridiculed
One tip - Learn how to properly pronounce these brands like Piaget and Hermes.
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.
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.
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
I buy luxury brands... at a discounted Tj Maxx price 😃
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!!!
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.
I put 99% of my income and passive into stonks. Lol 😆 🤣. I was just at Ralph Lauren. Its soooo cheap.
🙌🏼🙌🏼🙌🏼 “manufactured exclusivity”
I’ve been seeing a lot of young people where ESSENTIAL lately is this a luxury trend
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 think this is meant for Americans. Europeans and Asians you know in Europe and Asia love their luxury goods. There’s no doubt luxury good sell well in China for example well there’s a lot of billionaires per capita.
Also, trust me! I’ve worked with people who are millionaires and they love their luxury brands as well. For f sake, they have the money! Lol
What if people have extra money to waste? That’s what I never get about videos like this, they never mention the average consumer who has room to waste their finances on trivial items…
Great video but 50/30/20 always blows my mind. Allocating more to wants than saving seems odd, but it could just be me.
china folks love luxury brands
Not just China, Americans, Europeans, Japanese, Koreans, Middle Eastern citizens and others as well. There are more Chinese middle class buying these because its total population size is a lot larger than other countries.
Spoken like someone who doesn't know actual wealthy people.
Buying a Birkin bag is actually a good investment - their value tend to increase with time.
Same with many exclusive watches - they can be considered "investments" whereas a basic 150$ watch never will.
Run-of-the-mill flashy luxury good are for broke people.
But I've met my fair share of of actually wealthy people and most of them aren't wearing cheap clothes or driving shit boxes. They are buying the ACTUAL luxury goods.
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.
Every rich person I know drives a Mercedes
Granted that is only one person
But still
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.
Really?! 😂 next your gonna tell me luxury cars are for brokies. The rich are the ones attending their fashion show and buying out collections no broke person can afford that. Next you're gonna tell me rich people get all of their clothes from target and they drive Toyota's and fly economy. You sound ridiculous.
Why do you pronounce these luxury names and brands correctly (for the most part), and then incorrectly? ie. nobody calls Hermes, "her-meez."
I know some rich people (1m+ per year income) and they love Birkin bags 😅 but I think that's because they were poor as dirt growing up
And here I'm buying shirts on Wish/Shein from 6-20 bucks each that make me look good and get compliments!
My Crocket and Jones oxfords ...theyre 20 years old now. The annual depreciation is now zero and my shoes are "free".
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.
Let’s be honest wealthy people do like & buy luxury things, but it’s not the flashy luxury brands that majority of people know & wear. Back in the day when Bottega Veneta was less known it was one the most popular brands amongst wealthy customers, same goes for Brunello Cucinelli & Loro Piana. Nowadays LVMH or Kering keep buying up everything & promoting these brands as well as quality going down the drain. Thus wealthy customers once again switch to lesser known luxury brands with better quality🤷🏻♀️
There are price points for everyone and I don't agree that luxury brands are targeting broke people.
I think it's insensitive to specifically call out Broke People in this video. With the hyper inflation post covid even average people are finding it hard to keep up with the cost of living .
Luxury brands are not that dumb to target the wrong customer base and their sales figures speak for themselves i.e. they are still making billions even if there is contraction with their sales of late.
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! 😎👍
If a luxury branded and expensive item makes you happy, then have it. You can’t haul your money to your grave.
I'd rather by LVMH stock than their product.
I am not going to lie but I love luxury brands, unfortunately I grew up low income and buying these ruin your finances and your financial stability in the future. They definitely target 🎯, the black communities.
Should buy from Temu, Shein Lol
Jk temu and shein are terrible, don't buy fast fashion.
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 buy my luxury bags “preloved” I got a The row bag for $5
Your friends who are buying Hermes sunglasses are buying fakes - Hermes don’t make sunglasses.
Great video!!! I’m not impressed with logos, I buy quality only😊👍🏿
I am what you would call lower middle class i have never bought brand name clothes well except for electronics
I don't think you can say Mercedes-Benz is fpr poor people....
My friends and I spent the most on luxury goods when we were in our early 20s and had no real responsibilities so we could spend frivolously on dumb designer shit like sunglasses or wallets. I'm also sure that the vast majority of "luxury" spending is on those cheaper accessories like sunglasses and small leather goods, but don't quote me on that.
Anyway, now that I'm older and therefore wiser, I have access to the fakes black market >:) I think a lot of older poors like myself prefer to go this route.
Luxury Splurge Problems* - great video
Well, style is not correlated with a price tag.
The cut, colors, meterial & the body underneath it makes a good look.