IOW these “luxury” brands have been ripping off their customers for years.
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Nobody has been forcing customers to pay $50,000 and more for a dang old Hermes purse. Or even $500 for a knock off.
Rich people can be so stupid.
NOUVEAU RICHE people. They like to show off the fact that they can afford such & such.
Not really stupid... they're buying the sanctimony and symbolism (THEY might say "status"), not a watch that makes their life THAT much better than a $12 Casio. So they ARE getting what they pay for.
Further, they already have everything else that they need and want, so what else is there to do with the money? Well... some people prefer saving, some people prefer investing or enterprise-building, some people prefer philanthropy, and some people prefer showing off. It is what it is. We all have different motivations and desires.