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Wanton Consumption Explained


wealthymatters If you think that wearing gold shirts and nail polish that costs tens of thousands of dollars is the height of wanton consumption there is more:

A Louis Vuitton handbag costs upwards of 50,000 Rupees in India.Did you know that the beauty care entrepreneur Shahnaz Husain always buys two identical LV bags?Now,why is that so?If you imagine its because she wants to make certain she never runs out of a favourite accessory,you couldn’t be further from the truth.

Shahnaz loves to match her bags with her clothes.So one brand new LV bag is always cut into pieces to embellish her clothes .She has the pieces used as patches on the sleeves and collars of her clothes. Apparently her wardrobe is crafted at her bungalow in South Delhi.She personally designs her clothes and has them stitched by an in-house tailor. 

So why all this wanton consumption?

Expensive brands and products provide consumers an identity and help them differentiate themselves from the hoi polli. It is a way of reassuring not only others, but also themselves that they have arrived in life and have the financial power to do what they want.Luxury goods are psychological armour as well as status symbols.

However in a group where everyone has a few LVs, there is always the question of how to get a psychological edge over others in the group?How to differentiate oneself from the crowd where everyone can buy an LV?This is when you have to find really creative uses for your bags,perhaps even indulge in a bit of creative destruction.

 

 

 

 

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About Keerthika Singaravel
Engineer,Investor,Businessperson

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