In the fast-evolving world of consumer behaviour, one question that often surfaces is whether people choose expensive brands merely to show off. With over eighteen years in the industry, mostly spent navigating the Bangladesh market and understanding its unique consumer segment and working with many industrialists in the country and worldwide, I’ve come to realise that the answer is far more nuanced. While status is undeniably a factor, there are deeper, more practical reasons that drive consumers to invest in premium brands.
Longevity and Durability: A Long-Term Investment
One of the primary reasons consumers gravitate towards pricier brands is the promise of longevity. Products from high-end brands often come with superior craftsmanship and materials, which means they last longer. For instance, consider luxury watches from brands like Rolex or Omega. These timepieces are not only fashion statements but also heirlooms, often passed down through generations. The same principle applies to premium cars such as Mercedes-Benz or BMW. These vehicles are engineered for endurance, offering a driving experience that remains unmatched over the years.
Resale Value: Retaining Worth Over Time
Another significant factor is the resale value of luxury products. Unlike mass-market goods, which depreciate rapidly, high-end brands tend to retain their value, sometimes even appreciating over time. This is particularly true for luxury jewelry and designer handbags from brands like Cartier or Hermès. These items are often viewed as investments, with a thriving secondary market where they can be sold at substantial prices. For consumers, this means that their initial investment in a costly product can often be recouped or even surpassed when it’s time to part with it.
Ease of Upgrading: The Benefit of Brand Loyalty
Brand loyalty is another key driver behind the choice of expensive products. Many premium brands offer their customers seamless upgrade options, making it easier to migrate to newer models. For example, in the tech world, Apple has mastered the art of keeping its customers within its ecosystem by offering trade-in programs that allow users to exchange their old devices for the latest models at a reduced cost. This ease of upgrading not only ensures that consumers always have the latest technology but also reinforces their loyalty to the brand.
Long-Lasting Relationships: The Power of Excellent Service
Premium brands are known for their exceptional customer service, which fosters long-lasting relationships with their clientele. This aspect is particularly evident in the aviation industry, where airlines like Emirates and Singapore Airlines offer first-class and business-class passengers a level of service that goes beyond just the flight experience. From personalised meals to private suites, these airlines ensure that their high-paying customers feel valued at every step of their journey. This level of attention and care creates a bond between the consumer and the brand, making it more likely that they will continue to choose that brand in the future.
Habit: The Comfort of Familiarity
Consumer habits also play a significant role in the choice of expensive brands. Once a customer becomes accustomed to the quality and experience of a premium product, it becomes difficult to settle for anything less. This is evident in the fashion industry, where brands like Louis Vuitton and Gucci have cultivated a loyal customer base that returns season after season. The familiarity and trust that come with repeatedly purchasing from a brand create a sense of comfort, making consumers less likely to switch to a cheaper alternative.
Status and Symbolism: A Reflection of Identity
Of course, we cannot ignore the role of status and symbolism in the choice of expensive brands. For many consumers, the brands they associate with are an extension of their identity. A luxury car, a designer handbag, or even a first-class airline ticket serves as a symbol of success and achievement. In a social context, these brands communicate a message about the individual’s taste, lifestyle, and financial standing. However, it’s important to note that while status may be a motivating factor, it’s often intertwined with the other practical reasons mentioned above.
Innovation and Convenience: Redefining the Consumer Experience
Finally, innovation and convenience are key elements that draw consumers to high-end brands. In the aviation industry, for instance, airlines that continuously innovate their first-class and business-class offerings are highly regarded by frequent travellers. These innovations, whether it’s a more comfortable seat, better in-flight entertainment, or enhanced privacy, are not just about luxury; they are about making the journey more convenient and less stressful. For business travellers, this translates into arriving at their destination well-rested and ready to perform at their best, making the investment in a premium ticket well worth it.
“Beyond the Surface”
In conclusion, while it’s easy to assume that consumers choose pricey brands merely to show off, the reality is much more complex. A combination of factors, including longevity, resale value, ease of upgrading, customer service, habit, status, and innovation often drives the decision to invest in a high-end product. Understanding these motivations allows us to see that expensive brands are not just about luxury—they offer tangible benefits that enhance the consumer’s overall experience. As brand professionals, it’s crucial to recognize and leverage these factors to build lasting relationships with our customers and deliver products that truly meet their needs.
Author: Engr. Md. Jakaria Jalal
