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Bloom argues that purchasing luxury goods isn't merely for enjoyment or signaling, rather it comes from a deeper psychological connection. The importance of the product depends on the history and craftsmanship behind it, holding a meaning beyond its price tag.

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"We are all sensitive to the value of history, and most of us possess at least some things that we wouldn't trade for perfect duplicates. These objects have value beyond their practical use" (Bloom 11).

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The author highlights the importance of history and personal attachment that gives an object value beyond their basic use. This assertion contrasts critics' belief that luxury goods are used solely for flaunting wealth or their utility. An item's worth isn't just based on its looks or functionality, but the connection it holds with the consumer.

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Perspective 1: Luxury goods holding a deeper psychological/sentimental value

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Perspective 1: Luxury goods holding a deeper psychological/sentimental value

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Key Terms: Endowment Effect

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Perspective 2: Critics miss the depth of pleasure/value provided by luxury goods

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Perspective 2: Critics miss the depth of pleasure/value provided by luxury goods

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Key Terms: Aesthetic, Critics

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"You enjoy something to a greater degree if you had to work to get it" (Bloom 9).

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"Consumers are more likely to buy something that has been touched or tried on by a physically attractive person" (Bloom 8).

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"You also value an object more if you purposefully chose it than if it was just handed to you" (Bloom 9).

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"If I buy a watch to impress my friends, one can worry about the cost of envy. But what if I buy it because it gives me pleasure?" (Bloom 12)

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The Endowment Effect explains how an individual gains a personal attachment to the items they own. When effort is placed into gaining something, it feels more personal and valuable regardless of the price. The quote highlights how our efforts and choices create an emotional connection that causes the individual to value personal ownership and memories over practical use. This effect explains how individuals often pass down objects even if they don't serve a functional purpose.

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This statement reflects how an object's history and personal connection can make it feel more valuable. It states how “celebrity” ownership can make an ordinary object seen as significant. The story behind an object influences the way it is valued, suggesting a cultural context. In this example, celebrity-owned items have a higher value due to how individuals often value things linked to status and fame.

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This supports the idea that people don't just value things purely for signaling or validation, but instead due to their personal connection formed through ownership. Objects that are “just handed” to you often lack meaning due to the absence of effort placed into gaining the item. Choosing an item ourselves reflects our tastes and values, causing it to be more special. This distinction reveals the conflict that luxury goods are merely to flaunt status.

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The author compares luxury goods to art, suggesting that products provide an aesthetic pleasure beyond their practical purpose. The phrase “gives me pleasure” contrasts with the critics’ claims that these items serve as mere status symbols. Luxury goods create a personal and unique experience contributing to the enjoyment of the owner. There is a deeper psychological satisfaction that comes with these purchases, unrelated to signaling.

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Both perspectives emphasize that luxury goods are not only about signaling and comparison, rather they have a deeper intrinsic value. They also highlight the personal attachment one gains from ownership either from its history or the effort placed in gaining it. They also challenge the idea that luxury goods are only for the “uber-rich,” highlighting how these items often hold a sentimental value to individuals (Bloom 11).

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The first perspective speaks on the history and personal value of an object, while the second primarily addresses the misunderstandings that critiques often make about the motivations behind these purchases. The first perspective implies a broader attachment to the objects while the second highlights the aesthetic value that some may experience.