Have you been yearning to buy a new Mercedes for years?  Maybe you’ve thought about stopping by your local Macy’s store on the way home from work and snagging that posh Michael Kors watch you spotted there last month.  Or, you’ve contemplated replacing a dingy pair of sneakers ensconced in your closet with a new set of Sketchers you instantly became smitten with after seeing them in a newspaper ad.  According to psychologists, this zeal to acquire products is only ephemeral, as consumers derive more pleasure from desiring them than they do from actually owning them. Human beings are known to long for the unobtainable – whether it’s an old flame who got away after high school or a snazzy smartphone that’s a bit out of our price range. Once the object is ours, that seemingly unshakable sense of yearning and excitement that we felt earlier dissipates, and it does not resurface until we set our sights on a new object of desire. If you think about it, this makes complete sen...

We often hear clichés like, "What others say about us doesn't matter," and "the only opinion about you that matters is your own." Noble, yes, but let's face it, folks. We DO care about what others think of us -- a lot. Case in point: Many of us spend a considerable amount of money on brand-name products. But why do we do this, exactly? There are two principal reasons: It makes us feel good: Ask consumers out there why they specifically zero in on premium brands and many will tell you that it simply makes them feel good. The fact that you own a $1,250 Louis Vuitton purse and none of your friends do might make you feel as if you're in a league of your own. This feeling of exclusivity can boost one's self-worth, self-esteem and, in some cases, self-aggrandizement.   We thrive on social acceptance: Compliments from other people provide an even bigger impetus for luxury spending. What drives people to buy items with big price tags is not so m...

Some of my friends and relatives seem driven to do nothing more than amass as much money as they possibly can. While having enough money to live a comfortable life is certainly important, I've never really sought to become a millionaire -- nor do I think I would want to be one. I'm the furthest thing from flashy and materialistic. I'm a minimalist by nature, so I try my best to avoid accumulating junk -- hence the reason why I'm thinking about buying a condominium rather than the huge house with white picket fence so many envision as encapsulating the American Dream. If I were to strike it rich, I'd think first about providing for my family, then helping the less fortunate. I've seen people who come from humble beginnings become wealthier and change dramatically, almost overnight. I think people who have a lot of money feel the impulse to show it, and Hollywood is partly to blame. You usually won't find the well-to-do settling for Toyota Corollas and S...

We see it with every new iPhone that hits the market: People making lines days if not weeks in advance of the product's launch. We see people scouring stores for the "best" brands, whether it be Michael Kors, Marc Jacobs, or Coach. Where did this frenzy for the latest and greatest stuff come from? People are replacing their perfectly functional phones once a year,  if not sooner. They're swapping clothing bought two or three years ago for newer garments like it's nobody's business. This illustrates one key fact: Advertising/marketing is alive and well. The promotional landscape has been altered tremendously by the advent of social media. From product recommendations to banner ads, exposure to content shared by friends and companies alike on sites like Facebook exerts an immense influence on our purchase decisions. That's not to say that traditional media like TV and radio are no longer effective, but what makes online marketing so potent is that it...