The psychology behind spending big

Source: BBC News

By Tiffanie Wen

If you could afford it, would you ever splurge $10,000 on a pair of headphones? What about some other indulgence? Would you?

Some of the most coveted sets, like Sennheiser’s Orpheus or the Onkyo Diamond, can cost tens of thousands. But is the sound quality of a $10,000 pair of headphones really 10 times as good as the pair that costs $1,000?

People not only rate the same wine more highly when they’re told it is more expensive, brain scans taken while they were drinking the wine suggest they enjoyed the experience of drinking it more

Expensive items and experiences are often branded as higher quality, exclusive, bespoke, or offering greater amenities or services. But are the most expensive things in life always better? What really makes people part with their hard-earned cash?

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