Do you spend more on luxury goods? 

 Extrovert people on low incomes buy more luxury goods than their introvert peers to compensate for the experience of low financial status, new research has found.

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According to a study:

• The study, used real life spending data from bank accounts in Britain.
• To investigate the spending habits of richer and poorer people with different personality types.
• People living on a low income often feel low status in society.
• And spend a higher percentage of their money on goods and services that are perceived to have a high status.
• Expert said,we’ve shown that personality looks to be an important factor in how people respond to living with limited resources.
• We hope this new association will help us better understand which people may be likely to engage in behaviour.
• In addition,that perpetuates the conditions of financial hardship,expert said.

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Experiment:

• Customers were asked whether they would complete a standard personality questionnaire.
• And to consent to their responses being matched anonymously for research purposes with their bank transaction data.
• Furthermore,the study analysed thousands of transactions from 718 customers over 12 months.
• Experts said,it’s clear from our study that an extrovert personality is a driver for low-income individuals purchasing more luxury goods,
• And this is most likely to compensate for a perceived low social status that isn’t as keenly felt by introverts.
• In addition, we saw very little difference in the spending habits of introverts and extroverts with high incomes.

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