According to the Merriam Webster dictionary, luxury is something adding to pleasure or comfort but not absolutely necessary. It means you do not really need one for your life. People buy luxuries for variety of reasons. All reasons are acceptable reasons. As long as you like them and can afford them, you could buy them. But never buy because someone else has it. Some people treat luxuries as collectibles and investments, study the risks before you buy.
Here I want to list some luxury goods that are actually worth to buy, or not worth to buy.

1. Should I buy luxury bags?

My answer is yes. The bags in the price range of $500 to $2000 are good buys. They are probably 10 times more expensive than a normal one. But they definitely last 10 times longer than those cheap ones. And most of them provide free services for life time, such as clean and repair. Bluefly.com is a good place to find discounted luxury bags.

2. Should I buy luxury shoes?

My answer is yes to men, but no to women. Men’s luxury shoes will last forever, and men’s styles don’t change at all. Man probably only need one pair of luxury dressing shoes for his whole life. But this does not apply to women’s shoes.

3. Should I buy luxury clothes?

My answer is yes to some clothes, such as coat, winter jacket, leather jacket, trench coat, etc. But not to most of them, especially kids wear. Some luxury apparel are only sold at their official web store, but some you can find at Shopbop.com.

4. Should I buy luxury watches?

My answer is no. It is probably a good buy decades ago. But nowadays technologies are so advanced that a $50 watch will be accurate enough, watter-proof, and will last your whole life.

5. Should I buy luxury jewelry?

My answer is yes. Their value will increase with time, especially gold and diamonds. And they will last forever, unless you lost them. BlueNile.com is the best place for diamonds online at a much lower price than that of local jewelry stores.

6. Should I buy a luxury car?

My answer is no. You should buy a safest car if you have the extra money. Besides, you will probably get a new car every five years, and used cars depreciated fast.

7. Should I buy a luxury home?

It depends. Look back 30 years, if real estate prices continuously increase in the past in the area you are planning to buy, then you should buy. Do research at Zillow.com.