IN OTHER NEWS – A new survey reveals that owning a Buckhead Mansion in Atlanta is the ultimate status symbol among Georgians.

Release:

• Survey uncovers what Georgians view as the pinnacle of social prestige.
• Other status symbols included owning a gated lakefront property on Lake Lanier, and an equestrian estate in Alpharetta.
• Infographic included.

When it comes to buying things, there can often be a gap between what a product is actually worth – and the value people believe it holds. And that perceived value can often make us splurge on something that we hope will make others believe we have an elevated social status. Take, for example, a simple leather handbag; you could buy one from CHANEL, or one from Target®. Both do exactly the same job – carrying around your ‘essential’ items, from a purse to house keys, tissues and more – but one is substantially more expensive than the other, and therefore signals something different to everyone who sets eyes on it: it’s a status symbol. It communicates that the owner has wealth. 
 
CardRates wanted to find out what the ultimate status symbols are in Georgia. They surveyed over 3,012 respondents to find out the lengths people will go to boost their social standing – even if it comes at the cost of financial strain…
 
The survey revealed some interesting results!

Georgia’s top status symbol is owning a buckhead mansion in Atlanta. A buckhead mansion in Atlanta is the ultimate status symbol, exuding both elegance and influence. Known for its upscale neighborhoods and historic charm, Buckhead is home to sprawling estates with luxury amenities, positioning residents among Atlanta’s business moguls and social elites.

In second place is owning a gated lakefront property on Lake Lanier. A gated lakefront property on Lake Lanier offers the perfect blend of prestige and natural beauty. With private docks, stunning lake views, and access to boating and watersports, these properties are prized for their exclusivity and idyllic getaway vibes, attracting Georgia’s wealthiest residents.
 
The state’s third most coveted status symbol is owning an equestrian estate in Alpharetta. An equestrian estate in Alpharetta showcases both affluence and a passion for horse culture. With expansive acreage, state-of-the-art stables, and riding trails, these estates cater to Georgia’s equestrian elite, offering the perfect setting for private competitions and leisure rides alike.
 
In addition, CardRates uncovered more information about how people approached luxury purchases, and first asked if anyone had ever made a luxury purchase on a credit card that they couldn’t afford to pay off immediately. A quarter appear not to live within their means, as ‘multiple times’ was the top answer! Twenty-four percent said yes, but only once or twice, while a more self-assured 17% always paid their balance off in full. Thirteen percent don’t use credit cards for luxury purchases, while just over a fifth (21%) never make luxury purchases at all.
 
When asked which of the following best describes their approach to buying high-end or luxury items, the majority said they either save up and pay in cash or debit (26%), or they use their credit card but pay off the balance quickly (26%). Twenty-seven percent don’t buy luxury items at all, while 17% would put it on their credit card and pay it off over time. 

Another question was what is the biggest factor influencing a decision to apply for a new credit card: 39% are, unsurprisingly, lured by the cash-back or travel rewards, while 34% love the sound of a low-interest rate offer. Appealing to 20% is a high credit limit for big purchases, like a new sofa or a faraway vacation, while 8% are drawn to the sound of exclusive perks like airport lounges or a concierge service.
 
When asked if they’d ever opened a new credit card specifically to afford a high-status purchase (e.g. luxury goods, exclusive experiences), the majority had not – 38% just would never do it, and 25% had not, although they had considered it. Nineteen percent had done so multiple times, while 18% had done it once. The main reason people might avoid making a luxury purchase on their credit card was, understandably, the fear of going into debt. High interest rates put off 26%, while 17% felt guilty if they spent too much.
 
Credit card perks are universally adored, and when asked which ones they thought most enhances social status, nearly a quarter (23%) said it was exclusive cards with high credit limits or VIP-only tiers, such as Amex Platinum or Black Card – perfect for waving around when asking for the bill in a restaurant or in a designer store. Nineteen percent love that you could get luxury travel rewards, such as first-class upgrades and private airport lounges, while another 14% were up for the access to high-profile events such as concerts, galas or fashion weeks. 

What, though, would Georgians be most likely to splurge on if they received an unlimited credit card, just for one day? Just over a quarter (27%) would book a high-end vacation or five-star hotel stay, while 18% would invest in a luxury car or extravagant experience. Eleven percent would spend it on designer fashion, handbags or jewelry.

The survey also found that 7% admit to having made a luxury purchase because they felt pressure to keep up with peers or social expectations, while 17% have done this occasionally, making a few purchases they wouldn’t have otherwise. And after making a high-end purchase, 13% of us have regretted it strongly due to the financial strain.

Infographic with study results
 
‘Keeping up with the Joneses is all well and good, as long as it doesn’t push us into debt,’ says Jon McDonald, senior editor at CardRates.com. ‘Status symbols, while they are nice to have, are only really nice if you have the money to pay for them.’