No, no, I'm not engaged! I came across this short article and interesting video on slate.com yesterday and it made me think. The economist in this video wonders why her wedding dress was $2,800. So she takes it two experts, a fabric store proprietor and dressmaker, who tell her she's been ripped off. The fabric can't be worth more than a few hundred dollars. So then she gets to thinking... why do we buy big ticket items like wedding dresses or designer goods that are ridiculously marked up? She gives two reasons.
The first is one that probably comes to mind; we're buying into a "signal" of something bigger, whether it's luxury, image, happiness, wealth, you name it. The second is more interesting to me; it's that we only buy wedding dresses once and don't have considerable experience to compare against. We don't know how to find a good deal. I know that feeling. What do you think of clothing markups? A rip off or is it worth paying for the craft?
The video is 5 minutes and fun to watch. Enjoy!