Purple combines the stability of blue and the energy of red. Purple is associated with royalty. It symbolizes power, nobility, luxury, and ambition. It conveys wealth and extravagance. Purple is associated with wisdom, dignity, independence, creativity, mystery, and magic.
According to surveys, almost 75 percent of pre-adolescent children prefer purple to all other colors. Purple is a very rare color in nature; some people consider it to be artificial.
Source: color wheel