A lot of psychologists have studied the psychological significance of color preferences. There are many sites on this subject that can be googled. The first one on the Google list if you type in "Psychological Significance of Colors" is "Meaning of Colors in Color Psychology." Many of the people who answered your question have specified that they favor purple. This is an excerpt from what that entry says about purple:
This color relates to the imagination and spirituality. It stimulates the imagination and inspires high ideals. It is an introspective color, allowing us to get in touch with our deeper thoughts.
Most of the people who responded to this question were females. Women seem much more sensitive to colors than men. Also a lot harder to satisfy. Personally I have found that colors bug me. In fairly recent years the clothing merchants have tried to get men more interested in choosing colors, but I have found it frustrating and annoying. If I buy a brown shirt then I can't wear it with a pair of blue pants, so I need a pair of brown pants. But then I can't wear brown pants with a black belt or black shoes. And of course if I wear brown pants I can't have a brown shirt of the same shade or I would like like a deliveryman in uniform; so I have to wear, like, brown pants with a tan shirt, or tan pants with a brown shirt. Women have to have several purses and many pairs of shoes, and it must take them a long time to be sure that everything matches everything else. But I think they like shopping and choosing clothes and even taking things home and bringing them back to the store if they decide they really don't like them.
I don't want to spend any time or mental energy choosing shirt, shoes, pants, jacket, etc., and then have to go through the same thing the next day. I have decided to wear nothing but brown and tan as well as anything that will go with brown and tan, such as shades of red or just plain white. I don't want to think about it. I would like to be able to pull things out of the drawer and the closet and put them on knowing that whatever I had would match.
I read that Alfred Hitchcock owned twelve black suits, twelve white shirts, and several identical black neckties and several identical pairs of black shoes. That sounds pretty extreme, but I can sympathize with him. Any time you see a photograph of him he is sure to be wearing a black suit with a white shirt and a black tie.
Mark Twain decided that he liked a white suit, so he had a tailor make up about a dozen identical white suits, and he is wearing all white in any picture of him you are likely to see.
I have occasionally asked myself what my favorite color is. I still don't know. Green is a good color--for grass and trees. But I would never own a green car, or a purple one.