Luxury consumption is associated with social status, exclusivity, and personal identity. Hence, the psychological and social factors play a great role in the consumer behavior in this market. This study is an investigation of the role of social validation and marketing strategies in luxury purchases and their effects on post-purchase regret. The social influences like peer approval, celebrity endorsement, and social media exposure push the consumers towards luxury products. Other marketing strategies include scarcity marketing and aspirational branding, which convey exclusivity to consumers, making them purchase a product. Results of the surveys reveal that young consumers are highly influenced by social validation and marketing, and this results in greater post-purchase regret. Conversely, older consumers prefer to make more rational choices while purchasing luxury products. Exclusivity increases the appeal of luxury products; however, most customers are skeptical of the long-term worth of the luxury goods they buy. Although some rationalize luxury spending as an investment, others see it as a discretionary spend. The research calls for brands to emphasize creating true value and for customers to be making knowledgeable purchasing choices.