So, what status consumption is and how it impacts our behaviour? Academics define status consumption as the consumers behavior of trying to purchase brands and services for the luxury they confer, regardless of consumers objective income or social class. luxury consumption in general involves high-end pricy luxury goods. Most people don't consume these products regularly. Some consumers use such products to fulfill material needs but also the social needs.
To discover the similarities and divergences relating to status consumption, I conducted a study focusing on the luxury consumption practices among the British and Indian consumers. The countries were selected for their historic association, product category affiliation with luxury consumption and commonnesses of brands accessible.
The project focused on 3 essential antecedents of luxury consumption: (a) socio-psychological antecedents; (b) brand roots and (c) situational roots. The socio-psychological antecedents were further branched into three distinct categories namely: (a1) social gains; (a2) esteem indication and (a3) ostentation. The brand roots were also broken into two categories namely: (b1) management controlled brand features and (b2) market controlled brand features.
Rather than talking over the methodology and scale equivalence and such other statistical topics, I will now focus on the status consumption tendencies among the British and Indian consumers. If you wish to read more about it, you can surely visit the source provided below.
It was detected that British consumers applied status consumption to achieve social benefits, show esteem and ostentation behavior. However, in the Indian context consumers engaged in status consumption with generally show-off. This presents the divergences between Western and Eastern consumers and the influence of culture and markets. The British consumers, who belong to individualistic culture, focus on their actual self-concept. However, in comparison with the Indian consumers, from a collectivist culture, focus on others self-concept as they wish to signal ostentatious behaviour via luxury consumption.
With regard to Brand roots, it was noticed that both, management controlled and market controlled brand features have a fundamental affect on status consumption. However, British consumers were importantly affected by brand roots than the Indian consumers. This can be ascribed to the nature of the market and competition. The UK is a highly developed and mature luxury market wherein the masses have been exposed to the status brands for longer in comparison to India. The longer exposure and higher availability to global brands as well as the increased competition among producers makes the consumer in Britain progressively conscious of the brands and their symbolic connection.
The findings also indicate that status consumption among Indian consumers is highly dependent on social occasions. The finding proves the considerable divergences among collectivist and individualistic consumers and their luxury consumption practices. Earlier research has found that spending money on status consumption in festivities and social functions of importance lends many real and intangible payoffs in the Indian marketplace including enhanced social status for the consumers. Thus, in a collectivist marketplace like India, consuming flashy brands at special social functions can promote an individuals intra-group and inter-group social identity and broad presence.
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