There are clear categories of goods that immediately come to mind when considering wise consumers who are willing to pay a premium for higher quality. These categories include apparel, vehicles, technology, occasionally cuisine, and Education. A common theme among all of these categories is long-term utility, except perhaps cuisine. A quality jacket will keep you warm, a quality car won’t waste your time by breaking down and may save you money on gas, a quality phone or computer will perform functions more efficiently, and a quality education will forever serve you in every aspect of life. In addition a higher quality good in each of these categories will theoretically last longer. In this way there is a tangible value associated with the added cost, therefore justifying said cost and making it a wise purchase.
All of these items have some cache, which provides utility and value in a different respect. We are undeniably social creatures, and as such we put weight into the opinions others have of us. In some industries image is so important that it is a currency of its own. For example an Instagram Influencers “job” is essentially projecting a manicured image. The image of someone wearing an Armani Suit driving a Rolls Royce is drastically different from someone wearing Birkenstocks, a Patagonia pullover, and driving a Tesla. In this way I believe a wise consumer should maximize their utility by considering the image they want to portray with their goods. This image could be rooted in a show of monetary power, support for sustainability, or emphasize culture.