13 ms·

I find the habits of the very wealthy fascinating. What incentivizes your behavior when you have own all the traditional incentives?

medion 2y ago
Depending on your definition of very wealthy, a lot of luxury spending over the last decade is not from actual ultra rich, but mostly the middle class trying to signal something.
- pineaux 2y ago
  LMVH is very succesfull in selling luxury to the middle and lower classes. They really found a growth market there.
- Ekaros 2y ago
  Problem with selling to ultra-rich is that there isn't actually very many of them. On other hand there is plenty of middle-class and even lower class that are ready to sacrifice other things for specific signal... So targeting them makes lot more sense.
  - chasd00 2y ago
    Plus, a fool and their money are soon parted.
- arethuza 2y ago
  The "ludicrously capacious bag" thing in Succession makes fun of this very point - Tom (who is from a relatively modest background and therefore sensitive about such things) makes fun of Greg's girlfriends bag: https://www.theguardian.com/fashion/2023/mar/30/succession-burberry-bag-bridget https://www.theguardian.com/fashion/2023/mar/30/succession-b...
- VirusNewbie 2y ago
  I'm in a weird bubble, because I don't know anyone in my friend group who does this, despite most of my friends in their late 30s early 40s being successful tech professionals. Many have bought fancy houses (and some modest houses), a lot of them have nicer cars, but I literally don't know anyone who would fit the 'upper middle class' definition who spends money on high fashion, expensive watches, high end wine, etc. The only people I know in my extended circle who buy that sort of thing either have many millions liquid from successful tech exits (as in, coudl retire) or inherited millions.
  - throwaway2037 2y ago
    Can I ask a daring question? Are all of them men? What about their spouses? Do they still work and how do they spend their husband's money? One thing that I have noticed about the new rich: They might not buy Hermes bags (yet), but they overspend on everything -- groceries, dining, housing, cars, schools, vacations. It adds up fast, and their net worth is surprisingly small.
    - VirusNewbie 2y ago
      > Are all of them men? What about their spouses? No. Many are, but I know some fairly successful tech women who worked at FAANGs and made great money as well. >but they overspend on everything -- groceries, dining, housing, cars, schools, vacations. Yes, I guess I was trying to say that in tech focused circle in SoCal, traditional status symbols take a back seat to upgraded houses, vacations, and dining. I don't know friends who buy themselves a rolex or fancy handbag if they get a huge bonus. They might treat themselves or friends to a high end dinner or a nice vacation instead.
      - throwaway2037 2y ago
        I still think this is important anec-data. Thank you to share!
ForHackernews 2y ago
You might like "Primates of Park Avenue" - it's the memoir of a sociologist who married a rich guy. There's a couple whole chapters on Birkin bags. She sends her husband to get hers in Tokyo because they're easier to get there than in New York.
hilux 2y ago
I assume you meant "none" of the traditional incentives. I know some very rich people, and I've thought about this myself. My conclusion is that we ALL need ongoing challenges in life. For most people, working to pay the rent is enough of a challenge. But those who face no financial obstacles need to "create" new challenges. Having lots of kids is one way. Or having an experience (space, or bottom of ocean), or a handbag, that none of your friends has.
- n4r9 2y ago
  I think this is another way of saying that sating desires does not get rid of desires. The brain will simply look for more things to desire.
- LUmBULtERA 2y ago
  >Having lots of kids is one way. Or having an experience (space, or bottom of ocean), or a handbag One of these is definitely not like the others though. I suppose that's subjective, but a handbag is just a handbag.
  - HeyLaughingBoy 2y ago
    A handbag can be more than a handbag. I'm not much for fashion and the appeal of Chanel and Birkin bags leaves me scratching my head. But there are some handmade bags out there that are truly works of art and sell for considerably less than the many thousands that you'd need to part with for one of those. But since no one has ever heard of their makers, nobody cares about them.
  - HDThoreaun 2y ago
    Not in this case. A birkin bag is proof that you convinced the salesperson that you de3srve one or can afford secondary market prices.
    - kaibee 2y ago
      Is this some kind a humiliation fetish I'm too poor to understand?
patwolf 2y ago
I always come back to this review of Paul Fussell's "Class: A Guide Through The American Status System" when I'm trying to make sense of wealth. I don't know how well it really holds up, but it did get me thinking about the difference between wealth and class. Birkin bags sound like an upper-middle-class phenomenon. The effort involved in trying to obtain a Birkin would go against the spirit of the upper class. https://www.astralcodexten.com/p/book-review-fussell-on-class https://www.astralcodexten.com/p/book-review-fussell-on-clas...
wetpaws 2y ago
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medion 2y ago

Depending on your definition of very wealthy, a lot of luxury spending over the last decade is not from actual ultra rich, but mostly the middle class trying to signal something.

pineaux 2y ago
LMVH is very succesfull in selling luxury to the middle and lower classes. They really found a growth market there.
Ekaros 2y ago
Problem with selling to ultra-rich is that there isn't actually very many of them. On other hand there is plenty of middle-class and even lower class that are ready to sacrifice other things for specific signal... So targeting them makes lot more sense.
- chasd00 2y ago
  Plus, a fool and their money are soon parted.
arethuza 2y ago
The "ludicrously capacious bag" thing in Succession makes fun of this very point - Tom (who is from a relatively modest background and therefore sensitive about such things) makes fun of Greg's girlfriends bag: https://www.theguardian.com/fashion/2023/mar/30/succession-burberry-bag-bridget https://www.theguardian.com/fashion/2023/mar/30/succession-b...
VirusNewbie 2y ago
I'm in a weird bubble, because I don't know anyone in my friend group who does this, despite most of my friends in their late 30s early 40s being successful tech professionals. Many have bought fancy houses (and some modest houses), a lot of them have nicer cars, but I literally don't know anyone who would fit the 'upper middle class' definition who spends money on high fashion, expensive watches, high end wine, etc. The only people I know in my extended circle who buy that sort of thing either have many millions liquid from successful tech exits (as in, coudl retire) or inherited millions.
- throwaway2037 2y ago
  Can I ask a daring question? Are all of them men? What about their spouses? Do they still work and how do they spend their husband's money? One thing that I have noticed about the new rich: They might not buy Hermes bags (yet), but they overspend on everything -- groceries, dining, housing, cars, schools, vacations. It adds up fast, and their net worth is surprisingly small.
  - VirusNewbie 2y ago
    > Are all of them men? What about their spouses? No. Many are, but I know some fairly successful tech women who worked at FAANGs and made great money as well. >but they overspend on everything -- groceries, dining, housing, cars, schools, vacations. Yes, I guess I was trying to say that in tech focused circle in SoCal, traditional status symbols take a back seat to upgraded houses, vacations, and dining. I don't know friends who buy themselves a rolex or fancy handbag if they get a huge bonus. They might treat themselves or friends to a high end dinner or a nice vacation instead.
    - throwaway2037 2y ago
      I still think this is important anec-data. Thank you to share!

ForHackernews 2y ago

You might like "Primates of Park Avenue" - it's the memoir of a sociologist who married a rich guy. There's a couple whole chapters on Birkin bags. She sends her husband to get hers in Tokyo because they're easier to get there than in New York.

hilux 2y ago

I assume you meant "none" of the traditional incentives. I know some very rich people, and I've thought about this myself. My conclusion is that we ALL need ongoing challenges in life. For most people, working to pay the rent is enough of a challenge. But those who face no financial obstacles need to "create" new challenges. Having lots of kids is one way. Or having an experience (space, or bottom of ocean), or a handbag, that none of your friends has.

n4r9 2y ago
I think this is another way of saying that sating desires does not get rid of desires. The brain will simply look for more things to desire.
LUmBULtERA 2y ago
>Having lots of kids is one way. Or having an experience (space, or bottom of ocean), or a handbag One of these is definitely not like the others though. I suppose that's subjective, but a handbag is just a handbag.
- HeyLaughingBoy 2y ago
  A handbag can be more than a handbag. I'm not much for fashion and the appeal of Chanel and Birkin bags leaves me scratching my head. But there are some handmade bags out there that are truly works of art and sell for considerably less than the many thousands that you'd need to part with for one of those. But since no one has ever heard of their makers, nobody cares about them.
- HDThoreaun 2y ago
  Not in this case. A birkin bag is proof that you convinced the salesperson that you de3srve one or can afford secondary market prices.
  - kaibee 2y ago
    Is this some kind a humiliation fetish I'm too poor to understand?

patwolf 2y ago

I always come back to this review of Paul Fussell's "Class: A Guide Through The American Status System" when I'm trying to make sense of wealth. I don't know how well it really holds up, but it did get me thinking about the difference between wealth and class. Birkin bags sound like an upper-middle-class phenomenon. The effort involved in trying to obtain a Birkin would go against the spirit of the upper class. https://www.astralcodexten.com/p/book-review-fussell-on-class https://www.astralcodexten.com/p/book-review-fussell-on-clas...

wetpaws 2y ago

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