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Older generations may have viewed luxury items as symbols of success, but a growing number of consumers today view them as unnecessary extravagances. Amid rising living costs and uncertainties, it's becoming clear that even those who can afford luxury goods are choosing to exercise restraint in their purchases.
The Burden of Luxury Consumption
One of the insights emerging from this consumer shift is the feeling of disillusionment with luxury goods among many buyers. Higher prices for luxury products are leading individuals to question their worth as investments. As one luxury purchaser succinctly put it, the reality of owning a high-end bag that depreciates significantly shortly after purchase is leading to a reevaluation of priorities.