Woman flawlessly breaks down how luxury bags—and other designer brands—keep people 'poor'
"They're targeting the people who want to look rich—middle and lower class folks who don't have a lot of money or savings. That is the bread and butter of designer brands."
It feels safe to say that we are all hoping to be more mindful about how we spend our money these days, whether it’s to be kinder to the environment, align better with our values, improve our finances or simply exercise free will against the siren call of consumerism.
That’s why this video essay created by Cara Nicole (who gives all kinds of financials and sustainability education on her Youtube channel) feels so timely.
In just under twenty minutes, Nicole astutely breaks down how luxury brands like Hermes, Louis Vuitton and Rolex create the fake illusion of wealth through “manufactured exclusivity” and getting free marketing from celebrities and influencers—who often don’t even pay for the products themselves. Meanwhile, most real rich people wouldn’t be caught dead in the flashy brands, and in reality consider them "overrated." But still, the illusion persists. Because advertising.
And thus, people are trapped in a cycle of buying “cheat codes” in hopes of improving their status. This not only creates a culture of wastefulness—which does our already taxed planet no favors—it also causes folks to lose out on the opportunity to create actual wealth for themselves.In other words, designer brands will keep you poor.
Nicole did acknowledge that for some, having luxury items brings joy, which holds its own intrinsic value. However, she noted that what is spent on a luxury item could just as easily go into an investment fund, which would pay back more over time, and as a result, allow someone to spend less time working.
Considering the recent uptick of interest in work/life balance, it feels safe to assume that many folks would choose quality time over something material, considering one of these things is virtually a non-renewable resource.
Really, it all comes down to awareness. As Nicole concluded in her video, “Money is time…I think it’s always a good idea to reflect on how we are spending both of them.”
Watch below—every minute is filled with gems. You can follow along on even more finance videos on Nicole's Youtube channel here