The next time you see someone dripping in designer gear, spare a thought – they might be deeply unhappy and suffering 'imposter syndrome', scientists believe.
By holding out the promise of elevated status, it can have the opposite effect, leaving wearers feeling 'inauthentic'.
Whilst most of us aspire to buy top of the range cars, clothes and jewellery, those who can afford them often don't get the boost they are after.
Nailya Ordabayeva, Associate Professor of Marketing at the Boston College Carroll School of Management said: "Luxury can be a double-edged sword.
"While luxury consumption holds the promise of elevated status, it can backfire and make consumers feel inauthentic, producing what we call the 'impostor syndrome' from luxury consumption."
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Along with colleagues from Harvard Business School, Boston University and Hult Business School, the team looked at nine studies encompassing surveys and observations of patrons of the Metropolitan Opera, shoppers at Louis Vuitton in New York City, holidaymakers at wealthy playground Martha's Vineyard and other luxury consumers.
Prof Ordabayeva said: "We found that many consumers perceive luxury products as a privilege which is undue and undeserved.
"As a result, consumers feel inauthentic while wearing or using these products, and they actually act less confident than if they were sporting non-luxury items.
"One participant said she felt very shy when she wore a gold necklace with diamonds that she owned because it is not in her character to wear luxurious jewellery, even though she could afford it."
But not all luxury consumers are like this and they found the effect is mitigated among consumers who have an inherently high sense of entitlement, according to the findings published in the Journal of Consumer Research.
Other times when the goods have the desired effect, even amongst those who feel impostors, is when they are used on occasions that make them feel special, such as their birthday.
Prof Ordabayeva added: "Luxury marketers and shoppers need to be aware of this psychological cost of luxury, as impostor feelings resulting from purchases reduce consumer enjoyment and happiness.
"However boosting consumers' feelings of deservingness through sales tactics and marketing messages can help.
"Ultimately, in today's age that prioritises authenticity and authentic living, creating experiences and narratives that boost people's personal connection with products and possessions can yield lasting benefits for consumers and marketers alike."
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