Status

•Clothing and accessories can show a  person's status or rank within a group.
•Member of the military or the captain of a team might wear a badge or emblem to indicate rank or status.
•Clothes or accessories might be used as status symbols by ordinary people. 
A decent sturdy hand bag can be bought for about £50 but yet people will still spend hundreds of pounds on luxury ones even if they can't afford the cost of it. Most people look at celebrities/ influencers and what they buy or get gifted and want to be like them so then their audience buys the item even if they can't afford it. Kim Kardashian was seen with this luxury Balenciaga bag that retails for $5,190. This bag is for sale yet as it says coming soon on website, lots of people will be wanting to buy this bag as it was seen on one of the biggest celebrities.
A big reason as to why some people wear the clothes they do wear is due to the status of the certain brand or materials. In the past few years people have paid ridicules money for an item from a luxury brand ( Balenciaga, Louis Vuitton, Stone Island, Dior) that many not be the best quality for the money you are paying but they have the social recognition. For some consumers a good luxury brand can go a long way in increasing self-esteem or providing a sense of belonging. An accomplishment is another reason why some people buy from luxury brand. They want to reward themselves to an item they typically can't afford so they can remember their accomplishment and remember how hard they have worked for that item.

Items