University of Leicester, School of Management study reveals the recent global financial crisis seems to have a huge impact on consumers’ motivation to compete for social status.
...entitled ‘Luxuries or necessities?
Patsiaouras argues that individuals consume and demonstrate products and services in order to achieve a desired status designation. Manufacturers, sellers and advertising agencies produce and promote goods that aim to satisfy consumers’ tendency to emulate ‘superior’ lifestyle groups.
But the recession has changed the normal state of play. Says Patsiaouras: “The recent global financial crisis seems to have a huge impact on consumers’ motivation to compete for social status and the game of conspicuous economic display will be played with different rules. The dominance of a competitive consumer ethos, especially amongst middle-income individuals, supported by bank credit facilities, surfeit of advertising messages and unprecedented conformity to emergent ‘lifestyles’ is over.
“Sliding into the depths of a global financial recession, the levels of heightened materialism and ostentatious economic display will be reduced.”
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