Overpriced Brands that you Shouldn't Buy on a Budget
"Overpriced" can be subjective and varies among consumers. What one person may consider overpriced, another might see as a worthwhile investment due to factors like brand reputation, perceived quality, and personal preferences. However, in the case of just trying to live day by day in the most efficient way possible, these brands should be avoided at all costs. In this article, we will cover the most overpriced brands that you can buy on the market today.
Ray-Ban and Oakley: While no one can doubt the outstanding quality of these glasses, copycat glasses of similar design can be bought for five times cheaper. This is due to the sheer popularity that luxury brand glasses have on the population. With glasses being counted as a personal cosmetic, it seems almost necessary to have a luxury pair as a confidence booster among your peers. With the combination of Ray-Ban and Oakley being part of a monopoly known as Luxottica, these glasses can basically be sold at any price and people have no choice but to purchase at whatever price Luxottica decides on.
For context, it is known that retail glasses outlets have an unbelievably high-profit margin of 50-70%, In contrast to other big players such as a Mcdonald's restaurant having a profit margin of 6% and a Home Depot store owner at 10%
Apple: Known for being the company that invented the personal computer, Apple uses this achievement to advertise excellent products at extremely high prices. Apple prides itself on only allowing Mac OS to be available on Mac computers creating a monopolizing effect for those that grew up using one. Because of this, people familiar with Mac will only have the option to buy a Mac computer which Apple can set the price as they choose. This is also present with other Apple products.
With Airpods costing around $200 a set, similar products such as a Bluetooth Skullcandy set priced at $30. Although sound quality may play a role in the increased price of Apple Airpods, is it really worth the extra $170 if you are a casual user?
Chanel: Chanel has several iconic and best-selling products, but one of the most renowned and consistently popular items is the Chanel No. 5 fragrance. Chanel No. 5 is one of the world's best-selling and most recognized perfumes, and it has maintained its status as a classic and timeless scent since its introduction in 1921. As of today, Chanel No. 5 is priced between $100-$4000, with the most common buying price being $100 on average. On the other hand, other brandless high-quality perfumes are priced at $50 on average making Chanel No. 5 a decent choice for a brand-name perfume.
However, what does not come cheap is all the other accessories and clothing items that Chanel has to offer. With fashionable Coats priced at $8000 and glasses priced at $500. These prices are well above their luxury counterparts.
Rolex: Swiss watchmaker with a rich history dating back to the early 20th century. The company was founded in 1905 by Hans Wilsdorf and Alfred Davis in London, but its headquarters and manufacturing have always been in Switzerland. Rolex watches are known for their exceptional quality and precision. The company employs skilled watchmakers and uses top-grade materials to create durable and reliable timepieces.
Although Rolex is of the highest quality, exactly how much money does one need to buy one just to tell time? Unfortunately, for people with little wealth, a single Rolex is priced on average at $20,000. In contrast, most casual watches can go up to $200, and luxury brand watches start at $1,000. With this in mind, a Rolex watch is 10-100 times more expensive than your average watch.
Gucci: Gucci has built a strong reputation and a long history of luxury and high-end fashion. The brand's name is associated with quality, craftsmanship, and exclusivity, which allows them to command premium prices. They often limit the production of their products to maintain exclusivity. This limited availability can drive up demand and prices. Similar to Louis Vuitton, Gucci handbag's price range on average is $2000. Compared to common premium handbags which are $200-$500, Gucci prices their products five times more to help market exclusively to the extremely wealthy.