Some things we see as expensive without any justification for their price tags. But whether it’s due to convenience or brand recognition, we still find money to pay for them. Today, we talk about 18 overpriced products Americans just can’t get enough of.
Smartphones
It’s no news that high-end smartphones released every year come with virtually the same features and capabilities as their predecessors. But since it’s the newest shiny toy available, marketing messages don’t need to do much to push us to make that $1,000 purchase. Many people barely even use the features they pay extra for.
Wedding Dresses
We wear (or hope to wear) our wedding dresses only once in a lifetime. Despite this, we still pay extravagant prices for them as it’s a very special day in our lives. However, many businesses capitalize on our emotions and our wish for a dream wedding by charging more than the luxurious silk and hand-embroidered gowns we get.
Brand Name Drugs
Cheap generic drugs contain the same ingredients and work the same way as branded drugs. The price of the latter is only inflated by marketing and packaging. Despite this, however, many people still opt for branded drugs because they seem more recognized and, hence, reliable.
Luxury Cars
There’s so much wrong with ultra-luxury cars that many people ignore if they have the chance to buy one. These cars only come at higher prices because of the brand name and don’t offer significantly better technology than the cheaper options. Forbes also shares how luxury cars depreciate the fastest, making them poor investments too.
Greeting Cards
The ‘emotional value’ that greeting cards bring to your personal messages is the major reason why makers set prices significantly higher than material and production costs. However, these cards also offer us convenience, and this is enough justification for why we still buy them.
Fitness Classes
The social outlook and community benefits gained from participating in trendy fitness sessions and activities have been enough for us to pay premium prices for them. We still do so even when we know that they have been overpriced due to branding and celebrity endorsements.
Luxury Cosmetics
Luxury cosmetics have the same content and do the same job as everyday brands, but because of their brand name and marketing, they’re marked up to a higher price. This doesn’t stop people from buying them, though. These luxury products are perceived to be more effective and enjoy the loyal customer base they have built up.
Designer Clothing
We all know that designer items, more often than not, don’t come at a higher quality than the regular apparel we buy at stores. However, they’re status symbols, and we can’t do away with the prestige that comes with high-end clothing. Some people don’t even mind paying for the more expensive limited lines of a brand as long as it makes them more exclusive.
Movie Theater Popcorn
According to the Atlantic, movie theatre popcorn is marked up by an average of 1,250%. But unlike many other items on our list, we buy it because we don’t have a choice. Theaters ban us from bringing food from outside, and we can’t skip popcorn, given that it’s part of the traditional movie-watching experience.
Bottled Water
Despite being from the same source and having the same quality as regular tap water, we also find it hard to stay away from bottled water. We love the convenience that comes with it, even when we know that water purifiers are better for our wallets and the environment in the long run.
College Textbooks
New editions of college textbooks are released every year, with little new information and higher price tags. Even though digital versions are typically close to the price of physical textbooks, people feel more comfortable buying the latter. The limited competition in the textbook market doesn’t make matters any better, either.
Gourmet Coffee
Homemade coffee is easy to make and way cheaper than the $7 coffees we find in stores. However, people still prefer to buy coffee every day because of the convenience (and possible addiction) associated with it. And they don’t mind being sold higher on the branding and ‘aesthetics’ of the shop, either!
Organic Food
Yes, organic foods are expected to cost more, given that they’re produced through cost-intensive farming methods. But sellers then inflate their prices, saying they’re healthier than conventionally grown food, even when UC Davis tells us this isn’t the case. What’s more, they also don’t contain any fewer chemicals or bacteria than properly preserved conventional foods.
Cable TV
We now have streaming services that offer us more content as well as more on-demand control over the content we watch. However, many people have gotten so used to cable TV that they still use it for their live sports and TV shows, despite the fact that we pay extra for bundled channels we don’t watch.
Gourmet Pet Products
Unless it’s about what your pets eat, most products are typically of the same quality. But, even with the high markup from luxury brands, we have a strong attachment to our pets (which sellers capitalize on) that makes us willing to spend as much as we can to make them happy.
Eyeglasses
Many people don’t really have a choice when it comes to spending money on a pair of glasses. They’re a necessity for people who want to see better, which manufacturers have used to charge higher prices. We also learn from the Herbert College of Business that there’s a Luxottica monopoly in the market, which makes matters even worse.
Salon Services
As purely service-based businesses, salons have the liberty to charge anything they feel their skills and time are worth. This is why it’s easy for brands to inflate prices once they’re more recognized. But we want to look beautiful all the time and just can’t abandon them.
Video Games
The cost of developing modern games may justify their $70 initial price tag. However, gamers still have to pay extra to gain full access to many games today. The popularity of certain franchises allows them to make these sales despite how exploitative they seem.
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