Status Symbol and Consumer Behavior - Assignment Example

Status Symbol “Status Symbols” are products such as Rolex watches or expensive sports cars such as Ferrari and Lamborghini, that we value because they show others how much money or prestige we have. Status symbols, or simply the objects of posh lifestyle, are one of the major reasons our society is being divided on the basis of riches. The objects vary from region to region, but their main motive of keeping them remains the same. They are congregated in a multitude to represent the wealth, exhibit the status and also to embody and motivate style and confidence in an utterly diverse way. All over the globe, the use of these status goods is observed and its abuse is also rather evident. Medieval ages definitely did not have status symbols, however their emergence rather proceeded from the 19th century (Denselow, 2010). Now in 2013, the idea of a status symbol somewhat differs from the one before it, and correspondingly 2012 showed an additional side of these symbols and as far as we can go, every year the ranks of these symbols changed, from nice ties, pleasant coats, gold rings to posh cars and houses. Even braces today are a part of the status symbols! Crazy as it sounds, that’s how it goes. Every year brings new modifications which also alter the current trends and fashion proceeding into newer trends every season. Yes, these symbols have no end to their existence. They have existed for years and years, if today wearing a Rolex watch and owning a sumptuous car is the idea of a status symbol, tomorrow maybe a nice villa in Miami would be the part of an ideal lifestyle. It has now become a matter of prestige to own these goods; their fewer occurrences in somebody’s life depict the non-existence of money and low status, which by the upper classes is exceedingly detested. According to them, a person without these status symbols should be led to a scaffold to be punished. It is tormenting to observe such detestation for the people who cannot afford these things. But people even believe in running around in ugly clothes, bad shoes, live without food but NOT without these luxuries. By these explicit reactions, it is rather a matter of prestige now and the denial of this statement by a few would not really matter. The universities, colleges and schools have become a status exhibiting conventional area where people come and compete to win the rank of the classiest, rich and elite person in the whole vicinity. Aren’t these places meant to increase educational programmes; they surely are but the current inclination towards status has changed this course into a posh museum of ranking. Modern generation sermonizes this stuff to look more up-to-date, rich and stylish. It is a matter of perception though. To look stylish and gain confidence, you can also get yourself educated, be honest and not practice chicaneries observed by a huge lot: ‘The cult of luxury shopping is spreading’ (Day, 2011). But if the youth prefers to hold on to the status symbols and not the dignified ways, then it is clearly their choice. 1) Do you believe that your peer group value “status symbols”? Status symbols are the objects of luxuries which are preached all over the world for their high demand. Definitely, with no doubt, not just my peers value them but people all over the world with access to money, or even the ones who aren’t that wealthy, are in a hunt for them to flaunt their monetary status in the society and build a brawny influential image in front of the ones around them. Status symbols do not make sense on any intellectual level but they have a lot to do with the social hierarchy. Society here is divided into two sectors the haves and the have-nots. Possessing a status symbol is considered to be a must have and the ones who fail to do so is considered insignificant in today’s age. It is very imperative in today’s world, because the possession of a status symbol signifies your social status, that whether you have crossed the dividing line between rich and poor and how well suited you are to the current society which favors the use of this practice. Even friends show off their goods to each other, and a sense of competition, rivalry and jealousy also builds up in between them due to these status symbols. A person with low-priced clothing and a normal cell phone is looked upon with sheer disgust hence that person also loses confidence in himself and longs to attain these goods. Though this attitude is not at all good and should be eliminated from the society but is practiced by almost everyone who owns something of the status symbols, even a small iPod or a tab, despite of how poor he his apart from that. The results obtained from the questionnaire that I conducted, with no doubt support my words as many of the children admitted to being addicted to status symbols and immensely approve their use. Girls have admitted to wearing Louis Vuitton jeans, buying extremely costly skin products by Garnier and L’Oreal. Boys also showed interest in these goods by saying that they like to wear god branded shirts and jackets, they also said that brand is an essential thing now and were totally in support of it. Not only them but approximately anybody living in this society would agree to the promotion and use of status symbols which is clearly the reason why these products are being given this much importance and morals and values are swept off to the side. Modernity and stye is the number one preference. Status symbols are now a matter of prestige and dignity. People will judge you on the basis of nothing but them. Your educational degree, your nature and your personality does bear some value but if you do not believe in the use of these status symbols, you are thought of as an extraterrestrial. They think that it is tremendously hard to converse with the ones who do not own such luxuries because they are un-cool and way behind the times. I remember my cousin being told that he was ‘un-cool’ because he did not own a PSP in this age. Even I sometimes judge people on the basis of their luxuries because maybe an iPhone does appeal more than a Nokia. My social circle also does promote the use of these status symbols to majorly look cool and rich, also to impress others by showing off their wealth, and they themselves are highly impressed by the bearers of these luxuries. They judge each other by their monetary class and their wealth, if someone owns a luxury; they are appreciated and given importance on an elevated level whereas the one who lacks such luxuries is ignored and left devastated. Some people do not even befriend the ones who do not wear branded clothes or don’t have a decent Smartphone. It is excruciating, with no doubt, but that is how things work nowadays. 2) If yes what do you think are status symbols for consumers your age? For me, a status symbol is not more than an expensive toy that I enjoy but completely dont require or more like a luxurious article of meek functional value that principally serves to impress others. I cannot comprehend as to what other people take them as but the case remains more or less similar ubiquitously. By and large, these objects are not a necessary; life was still on a roll when there were no Smartphones, no LCD TV’s and no tablets. Extravagant vehicles and huge houses are considered to be classy and luxurious goods which are out of reach for the members of the lower class. So this indicates that the owners of such symbols can afford the high price. Utility derived from such goods comes from their high price; an increased cost for a status symbol may in fact increase its demand, rather than reduce it (Investopedia, 2013). Consumers my age do not have a certain ideal of a status symbol. It can be a nice car, a good wrist watch or almost anything that belongs to some expensive brand, is a luxury good and is a status symbol. Whatever thing that is pricey and appears to be unaffordable by the classes below the influential, is considered to be a must have by the status symbol addicts or preachers. For instance, Apple, the American conglomerate, that designs, develops, and sells computer software and personal computers which is best known for its hardware products (Araish, 2013); such as the Mac line of computers, Apple TV, the iPod music player, the iPhone smart phone and the iPad tablet computer are considered as status symbols. The excellence and the cost set this brand far apart amongst the rest. Consequently, it is liked by the masses especially by the members of the privileged class which help in its promotion by buying its products and flaunting them as an essential accessory no matter how pricey they are. Apart from this brand, in the world of technology owning a Sony PSP, a PS3 or an Xbox 360 is also considered to be a status symbol and a must have by consumers my age. If you own a Smartphone by Samsung, Nokia or Apple, you are looked upon as a luminary. I believe the advertisement also has a lot to do with these brands becoming status symbols because people are being fed up with the information that these brands are a must have for a first-rate personality and life simultaneously. For this reason, everyone tries to get into the line of high rated lifestyle in order to attain privilege and respect amongst the eyes of their peers. Gone are the times when honesty, humility and first class education was considered to be a symbol of dignity and respect in this society. If a man was highly educated and dignified, he would be looked upon as a source of inspiration and was considered to be an appropriate bachelor. But in the modern era, if a man has a cool sports car, preferably a Lamborghini or a Ferrari, a Smartphone, a Rolex and branded clothes by Zara or Gucci with even no educational degree, he is still looked upon as the most eligible bachelor in town. He is admired by the youngsters and has a huge social circle, definitely because he has all the status symbols right in his hand. People sport branded watches and wear exclusive clothes, shoes and bags just to stay ahead (Adams, 2013). Branded clothes from Dior, Zara, Armani, Gucci, Versace and Marks & Spencer, expensive watches, branded skin and hair products by Neutrogena and L’Oreal, perfumes by Gucci or celebrity branded fragrances are all considered to be status symbols by consumers of my age and above. Inestimable collection of objects, bountiful huge houses and cars by BMW, Lamborghini, and Porsche are the objects through which people endorse their status and emerge as the superior ones (Salverda, 2013). Besides this, some status symbols are just too hard to attain even for the elite class. Helicopters and huge mansions are also a part of this status race. 3) Do you agree with the assertion that a cell phone (such as iPhone) is a status symbol for many young people? With no doubt, iPhone or any other cell phone of same class is a status symbol for many youngsters. As mentioned earlier, Apple produces one of the finest hardware products in terms of both quality and cost hence attracts a wide range of consumers. Many polls and forums have explained the immediate shifting of mobile phones to tablets and Smartphones by children and adults alike. 49% of the youngsters of around 15 years own mobile phones. But, at present this ratio has been diminished to 43% which is quite surprising yet acceptable as per the current changing trends due to the immense technological development (Singh, 2013). The cream of the crop class buys such products and youngsters are immensely stimulated by their cool designs, wide range of applications for both entertainment and information alongside their extraordinary features. Not only iPhone, but Smartphones by Samsung such as S3 and S4, by Nokia such as Lumia 920, are all looked upon as status symbols and are a huge favorite among the masses. Whereas some people just do not buy the iPhone because it is an Apple product, they think it offers the features they need and like and that it provides the form and function along with the working environment they find optimal for their day to day smart phone needs and desires. This seems good for the rich people but has made the lives of poor people even worse than before. Social media has educated the people a little more than what they need to know. Due to this even the lower class has an idea about status symbols and luxury goods and they desperately wish to taste them once in their lifetime. They cannot pay for these gadgets which make them feel ashamed and depressed and are not respected in the society. It is a dilemma that we cannot recover from but this plan has also been laid down by the upper classes to remain on the top, for forever. There is nothing we can do about that, as of now. Maybe in the coming years this fashion would eventually end but as it appears at the moment that is not an attainable thing. There are many people who buy Apple products because they like its logo. People really CAN invest hundreds of dollars for a logo, which is quite fascinating to watch and hear. Similarly, some prefer using a touch screen phone rather than the keypad one because they think that keypads are outdated. The opinions on this matter vary from person to person; while some actually hide their statements others are not quite reluctant to admit that Smartphones and touch screens are all being fancied because of them being status symbols. I think we should look beyond the lines of status symbols and their promotion. The world cannot really progress if we keep suppressing the poor and highlighting the rich. Similarly, the use and promotion of these goods are providing nothing but benefit to the brand owners and companies. I do admit that iPhones and other such objects are very fascinating and are technologically well-built and designed to provide on the go facilities but people are not looking up to them as that. They are merely involved in their usage just to exemplify their wealth which is in no way morally correct. The products are to be taken as products and have to be availed in the right way. Also distressing is the social impact that this practice exerts on us; the wealthy giants that design, manufacture and market such products present the products to public in a way which makes them want them even if they have no utility for the product. This is the strategy used by advertisers to create an artificial demand of a product which is in fact not the need of the huge masses that acquire such products. Due to this reason, the preferences of people are altered to an extent where they fail to prioritize their real needs, thereby making their lives miserable every time they invest their earning in ventures like this. The ultimate result is; the rich continue to grow rich and the poor continue with their financial downfall. References Adams, A. (2013, May 30). The Truth About Replica Watches - Forbes. Retrieved from http://www.forbes.com/sites/arieladams/2013/05/30/the-truth-about-replica-watches/ Araish, R. (2013). History of Apple. Retrieved December 5, 2013, from http://dca.durhamcollege.ca/~araishrichard/Infographicsite/ Day, P. (2011, January 24). Asian shoppers thirst for luxury [BBC News]. Retrieved from http://www.bbc.co.uk/news/business-12251712 Denselow, A. (2010, July 2). A History of the World in 100 Objects: Status Symbols (1200 - 1400 AD): Taino Ritual Seat [Video file BBC iPlayer ]. Retrieved from http://www.bbc.co.uk/iplayer/episode/b00st9zg/A_History_of_the_World_in_100_Objects_Status_Symbols_(1200_1400_AD)_Taino_Ritual_Seat/ Investopedia (2013). Status Symbol Definition. Retrieved December 5, 2103, from http://www.investopedia.com/terms/s/status-symbol.asp Salverda, T. (2013). Luxury Products: Status Symbols - AskMen. Retrieved from http://www.askmen.com/money/investing_300/382_luxury-products-status-symbols.html Singh, M. (2013, July 10). Smart Phone or Tablets become Status Symbol in Society | TopNews Arab Emirates. Retrieved December 5, 2013, from http://topnews.ae/content/218282-smart-phone-or-tablets-become-status-symbol-society Read More