It is not just about feeling good when we interact, wear, use, and buy the top brands out there. This article shows why the process of brand selection and use is about the value that we place on these items and on a related, specific way of life. Here are a few insights as to the way that we as consumers place value on the items that we cherish and want to buy more of.

Monetary Value

The most straightforward means of assigning value to anything is to consider the replacement or financial value of the item. Certain things cannot be replaced and others can, but at great cost to the owner. The first step is, therefore, to have a clear idea as to what the asset or item costs. If it’s a luxury or supercar, for example, then the first step will be to have it valued. In keeping with the analogy mentioned above, once you value your Lamborghini Aventador with professionals, you will then be able to understand exactly what the value is to you. The precise cost to buy an exact version of what you already have. Yes, it’s a simple way to value any luxury item, but will present a problem the more bespoke or unique the item is. In these cases, it can’t be replaced and, as such, could be priceless, showing why this form of value for luxury items doesn’t always work as it should.

Social Value and Prestige

One of the most important means of assigning or determining values to luxury items of our time has been through the eyes of others. It is a principle that has long been a feature of modern society, hence the term conspicuous consumption. We buy to be seen by others and to be seen in and with these items. It is a value placed on attaining specific items by social media or your specific circle of society and one that we all find increasingly difficult to ignore. The rise and rise of social media means that we are bombarded with details of what is valued and this then becomes evident in the manner that most people share in this online space. They want to emulate others and, arguably, this form of value is transient and will change like the weather, or rather depend on who is paying the social influencer.

Personal Value

This should be the mainstay of value and the reason to purchase and look for products that are sustainable and long-lasting. It’s what you like and need that should drive your purchasing behaviors and your idea of the value of the things that you buy. If we are going to make inroads in saving the planet, then we will need to buy the things that we need and like, rather than trying to keep up with others in the global village.

Luxury can still be about useability and functionality, and it is this way of looking at the products and services that we buy that can make a huge difference to the planet’s resources.