Marketing management Theory on: Thorstein Veblen
The theory of leisure class given by Thorstein Veblen was the first one to discuss about the concept of status consumption also known as “conspicuous” consumption. Conspicuous consumption refers to acquire as well as consume the expensive items displayed within the market place. In the modern context, status consumption has been defined as a type of consumption where in the consumer buys the product so as to show off its wealth to others publicly. Some of the example of status consumption is to apply an expensive lip color, drive an expensive car, wear branded clothes, etc.
Varieties of literatures have been found in regards to status consumption. It is seen that, status consumption have also been investigated internationally. The research in the Korean population highlights that, adolescents have significant tendency towards status consumption. This shows that, the young populations in the Korean economy are highly materialist in nature. Based upon the survey conducted by one of the Economists, it is clearly stated that Chinese population are more price conscious as compared to the Japanese population. In the last few years, status consumption is increased amongst the Chinese population. Mowen 2004, states that status consumption & the levels of competition is positively associated.
There are many theories which pose the ideas as to why status consumption takes place. Based upon the various theories person’s own satisfaction level depends upon how much the others are consuming. Based upon the point of view of some of the other researchers it has been said that, due to snob effect & bandwagon effect status consumption takes place. Most of the chunk purchases a particular product because others are purchasing. This adds to the status symbol of the consumer & thus the concept of status consumption pops up. The concept of status consumption has been attached to the concept of materialism, education & reference group. An article published in the year 1998 by the author Chao & Schor states the test of status consumption in regards to the women’s cosmetics. This test provides an excellent methodology for measuring the status consumption within certain products for women.
One of the arguments in regards to status consumption can be seen with respect to the ultra-luxurious consumption trend of the customers. Some of the examples of ultra luxurious consumption include wrist watch Porche
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