Status Symbol

Posted in Marketing and Strategy Terms, Total Reads: 1127
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Definition: Status Symbol

Vanity plays a highly important role in shaping a consumer’s buying behaviour. There are several products and product categories which attract consumers purely out of their hedonic functions. One of such hedonic purposes is expression of one’s social and economic superiority over others.

The products, brands or product categories that cater to this purpose of expression are called status symbols.


Status symbol products and services are generally all those which are very expensive, niche and limited in availability.


Some examples of such brands and product categories are as follows:

High Fashion

Versace, Armani, Jimmy Choo, Louis Vitton

Personal Vehicles

Rolls Royce, Audi

Paintings and Antiques

Works of famous painters like Van Gogh, Picasso

Watches

Rolex, Rado, Tag Heuer

Gadgets

Apple Products

Jewelery

Diamond and Platinum Jewelery


Search & Explore : Management Dictionary

Browse the definition and meaning of more terms similar to Status Symbol. The Management Dictionary covers over 7000 business concepts from 6 categories.

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