What is too much to spend on a suit?

The question weighed on Barry Schwarz as he scanned the racks at Boyds men’s store in Philadelphia, which were laden with $3,000 Brioni suits. “Their prices were just out of the world,” recalls Mr. Schwarz, a professor of psychology at Swarthmore College.

We’ve all been there: A window display or a recommendation lures us into a store — and we face unexpectedly astronomical price tags. It seems to happen more often these days as many luxury brands — selling everything from $14,000 Ralph Lauren handbags to $899 Bugaboo baby strollers and $6,900 Beefeater barbecue grills — push their top price points higher than they’ve ever gone before. What’s priced below falls into that ever-expanding category: “affordable luxury.”
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