Do you always need brand name stuff or can you settle with generics? It’s a battle that rages throughout the strip malls, supermarkets and boutiques. And chances are, you’re already fighting for one side or the other.
Brand names are armed with “reputation,” aesthetic appearance and sought after trends. Generic brands are at bargain prices, and mimic the look of the brands without ruining your budget. The true quality of each is often debated, and many of these possessions serve the exact same purpose, regardless if it’s the real thing or concealed in a generic cloak.
What Possessions Are Worthy of the Brand Names?
If any material item is in the front line of this debate, it’s the clothes we wear on a regular basis. People care about how they look, and if you’re wearing a sought after piece of clothing, others will notice. The average pair of jeans at a department store like Nordstorm’s for both men and women retail for at least $150. In contrast, the average pair of jeans at Old Navy are under $20.
The $130 difference buys you a brand name, and a recognizable design on the back pocket of the jeans. You could also argue comfort and longevity, but a $150 pair of jeans will never out last 7 pairs of $20 jeans.
So, it just comes down to personal preference. Some even buy knock-off Louis Vuitton purses, and pleather jackets. People may not be willing to pay the price, but many feel that it’s important enough to fake like they do.
What about a larger purchase like a television? At Best Buy, a 46-inch Samsung 1080p LED TV may cost $2,099.99, but a “Dynex” 46 inch 1080p HDTV runs for $597.99. The brand name costs you an extra $1502, enough to “Dynexize” your house.
Best Buy’s site also reviews the two HDTV’s. Samsung’s score is 94 percent, while the Dynex scores a 90 percent on the same scale. It makes you wonder what kind of difference four percent makes, and suggests that it makes more financial sense to choose the Dynex. That is, if you can live without the Samsung on your wall.
The Power of Brand Name Reputation
Ask yourself this: You’re entertaining a small dinner party, and you can either purchase a couple $12 bottles of wine or pick up a $3 Charles Shaw. Do you care if you serve something known as a “Two-Buck-Chuck?” Will your guest care?
So Do We Need the Cool Brands?
With the economy where it’s at, “necessity” is brought into consideration more. It’s one thing to look like a trend setter, but at what point does the extra cost get bought out by practicality?
It’s important to be an intelligent consumer, check reviews as much as possible, and make sure to keep out of debt. If you feel what we own defines your place in society, think again.
This guest post is written by Go Banking Rates, bringing you informative personal finance content and helpful tools, as well as the best interest rates on financial services nationwide.