It depends, and now that "Deluxe: How Luxury Lost Its Luster" has revealed the unscrupulous tactics used by LVMH and other companies, you really need to spend wisely.
Plenty of lines are expensive just so they can be a "luxury" brand, and quality may or may not be a major concern. I wouldn't touch Burberry,
Coach, Brahmin or Kooba, for example, because they charge more and more and more and are mostly if not totally made in China on the cheap. As a consumer, I feel like I'm getting royally ripped off.
Some companies also aren't producing the same type of quality that they used to (LV, Goyard and
Gucci are examples), and I think it behooves the consumer to buy something in person rather than blindly from a store/boutique--especially if you get a store credit instead of a refund.
I don't need or want to own a whole slew of designer/luxury purses because they'd be, mostly, a waste of money. I purchased one Ferragamo because it was beautifully made and very distinctive. My LVs can be carried for years and will never go out of style. There are two Hermes bags I'm considering saving up for, and that will be a serious splurge I'm unlikely to ever repeat.
Overall I suppose there's no massive benefit per se. I just like certain bags, I never buy trendy, and in the end, it's all about what "I" like and no one else.