Luxury Beliefs Are Loud But Quite Ineffective
When material gains no longer properly highlight one’s social class, those who are well-off will always find new ways to display their social standing in life. This is the basis of luxury beliefs, a phrase coined by social psychologist Rob Henderson.
Luxury beliefs go hand in hand with the availability of cheap commodity substitutes, such as counterfeit products and fast fashion. They are also common when countries experience sustained economic growth.
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