The Psychology of Human Buying Habits: An Analysis of Luis Vuitton
Image by Freepik
Humans are unique creatures with diverse habits and desires, which extends to our purchasing habits. Understanding the psychology behind these habits can help companies better cater to their customers, and even predict future trends. In this article, I’ll take a closer look at the psychology of buying habits through the lens of one of the world’s most famous luxury brands, Luis Vuitton.
Luis Vuitton, also known as LV, is a French luxury fashion house founded in 1854. Today, the brand is known for its high-end leather goods, including handbags, luggage, and fashion accessories. This brand has become so sought after, that, based on many sources, at the end of 2022, the CEO of Bernard Arnault was labeled the richest man in the world.
So, what about the LV brand attracts so many customers? To answer that question, we must delve into the psychology of buying habits and understand why people are drawn to certain brands and products.
The Power of Branding
I'm Kan, the Louis Vuitton Don
Bought my mom a purse, now she Louis Vuitton Mom- Philsopher formerly known as Kanye West
One of the most important factors in human buying habits is branding. A brand can evoke strong emotions and create a sense of identity in consumers, leading to a powerful connection between the customer and the product. In the case of LV, the brand is synonymous with luxury, quality, and sophistication.
Branding can also help to create a sense of exclusivity and status, which is particularly appealing to consumers. LV is known for its high prices, and owning a piece of the brand can symbolize wealth and success. For some customers, owning an LV product is a way to show off their status and display their wealth to others.
The power of branding can also be seen in how LV customers are willing to pay premium prices for products that are not necessarily unique or different from other brands. In fact, LV customers are even willing to pay more for a product that has been damaged or used, simply because it carries the LV name. This shows the strength of the brand and its ability to evoke emotions and create a connection with consumers.
The Role of Social Influence
Back when Gucci was the shit to rock
Back when Slick Rick got the shit to pop
I'd do anything to say I got it
Damn, them new loafers hurt my pocket-The Artist Formerly Known As Kanye West
Another important factor in human buying habits is social influence. We are often influenced by the opinions and behaviors of those around us, which extends to our purchasing decisions.
In the case of LV, customers are often influenced by the opinions of their friends, family, and social media influencers. For example, if customers see their favorite influencer carrying an LV handbag, they may be more likely to purchase one for themselves.
Social influence can also work on a larger scale, with entire communities or subcultures influenced by the same trend or product. In the case of LV, the brand has a strong following among fashion-conscious consumers, who see owning an LV product as a way to show off their style and keep up with the latest trends.
The Power of Emotions
Man, I promise, I'm so self-conscious
That's why you always see me with at least one of my watches
Rollies and Pashas done drove me crazy
I can't even pronounce nothin', pass that Ver-say-see- Ye
Another key factor in human buying habits is the power of emotions. We often make purchasing decisions based on our emotions and feelings, rather than logic or reason.
In the case of LV, the brand evokes strong emotions in customers, including feelings of luxury, sophistication, and exclusivity. For example, customers may feel excitement and anticipation when they see an LV handbag in a store window. They may feel a rush of happiness when they finally purchase the handbag and bring it home.
Although there are clothing and luxury goods lines that are better quality and at a lower price point, chances are they will never be as popular as LV. This is due to all of the above-stated reasons. Ultimately, these decisions are based on emotions and primarily made to impress people we probably don’t know, don’t like, and maybe worse, don’t care about.
