> Why would anyone spend thousands of dollars on a Prada handbag, an Armani suit, or a Rolex watch? If you really need to know the time, buy a cheap Timex or just look at your phone and send the money you have saved to Oxfam.
One issue is there's a kind of missing middle in many goods markets. There's cheap shit, and overpriced "luxury" signaling goods that may or may not be much better. Personally I often find sorting the actually-good from the faux-good on the (lower end of the) luxury side, then catching it used or on sale, easier than trying to find then assess the quality of mid-level products (if they exist at all—often they do not) or suss out unusually good cheap products.
So far as signaling goes, until people stop being biased in favor of folks who look well-off (or at least "proper" for whatever setting), even when they think they're not, that won't stop being a thing worth considering.
EDIT: nb. there's a lot more to this article, for those who haven't read it yet, and I'm in no way intending to dismiss it.
One issue is there's a kind of missing middle in many goods markets. There's cheap shit, and overpriced "luxury" signaling goods that may or may not be much better. Personally I often find sorting the actually-good from the faux-good on the (lower end of the) luxury side, then catching it used or on sale, easier than trying to find then assess the quality of mid-level products (if they exist at all—often they do not) or suss out unusually good cheap products.
So far as signaling goes, until people stop being biased in favor of folks who look well-off (or at least "proper" for whatever setting), even when they think they're not, that won't stop being a thing worth considering.
EDIT: nb. there's a lot more to this article, for those who haven't read it yet, and I'm in no way intending to dismiss it.