In order to protect exclusivity, stores had to commit to even larger buys, ordering more clothes than they could possibly sell. Then, when they couldn’t move the stuff, they’d return it. Thanks to the rise of fast fashion and the luxury market’s simultaneous attempt to keep up with its impossible pace, it all started to feel disposable. So detrimen... See more

A luxury good is one where the price paid is much higher than the apparent utility it offers. We pay extra precisely because it’s not a good value. The utility lies in how we and our peers think about it. The scarcity and bling of a luxury good are used to increase our status (in our own eyes and those in our cohort).