Purple is also my favourite colour.
In colour psychology, purple is about spirituality and imagination.
Taken from Empower Yourself":
"In the meaning of colors, purple and violet represent the future, the imagination and dreams, while spiritually calming the emotions. They inspire and enhance psychic ability and spiritual enlightenment, while, at the same time, keeping us grounded.
From a color psychology perspective, purple and violet promote harmony of the mind and the emotions, contributing to mental balance and stability, peace of mind, a link between the spiritual and the physical worlds, between thought and activity. Violet and purple support the practice of meditation.
The color purple is specifically associated with royalty and the nobility, creating an impression of luxury, wealth and extravagance.
Purple has power. It has a richness and quality to it that demands respect. Purple is ambitious and self-assured, the leader.
Too much of the color purple can promote or aggravate depression in some. It is one color that should be used extremely carefully and in small amounts by those who are vulnerable to these depressed states."
For more on this go to their page -Purple and Violet