Brand name products are often sought after by many and seen as luxuries, but is the over-marking of prices becoming a negative social norm?

The brand Michael Kors recently released a fur pom key chain retailing for 48 dollars. This, along with many products from high-end retailers, are sought after by many, even though the prices are heavily marked.

Investopedia reports that brand name goods are marked up by 500 to 1000%. Despite this large markup, consumers continue to spend money high-priced products. It is often believed that generic brand items are of lesser quality, yet these products are almost identical in production and materials to those deemed as high-end.

Junior Kayla Lashinger says, “I think high-end products aren’t worth all the hype and the price because most of the time they’re not much better quality than cheaper products. The price is just high because it’s a brand name, so it’s just for show. When I have expensive items, I’m always scared I’m gonna break them. So I’d rather just have the cheaper product that I can replace if something happens to it.”

There are many substitutes, generally of the same quality, that are available to consumers for a significantly lower price. For example, Gucci headbands retail for upwards of 300 dollars, when a similar fashion could easily be found for a much lower price.

The demand for these ridiculously marked up prices stems from the brands’ successful marketing. High end brands spend a significant amount of money promoting their product, leading consumers to believe their merchandise is of better quality than cheaper alternatives.

High-end brands’ marketing also creates a stigma that the product is superior to the cheaper option, and that a certain positive feeling is associated with buying the product. Consumers often buy these products because they believe it will make them feel a certain way. A higher price is associated with feelings of luxury and may motivate buyers to purchase these products.

Anonymous says, “I think high-end products help people feel better about themselves because it makes them feel as if they are caring more for themselves. They can also be used as items to rub in people’s faces and boost self esteem.”

While these products may create the illusion of extravagance, consumers should be aware of the substitutes available to them at a much lower price.