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I'd put it another way and say that generic quality brands merely inherit their social placement, whereas luxury brands actively seek it. The latter is a bandaid for a character flaw.

One of my friends has two kids - 4 and 7 - who live with their grandparents in Malaysia as they "can't afford schooling in Singapore." The truth is that it allows them to maintain their image with an LV shoe-rack and a Gucci bag cupboard. He recently changed his Whatsapp image to a photo of his new $1K Hermes belt - they see their children twice a year.