The real engine of consumption is the craving for status
Fast cars? Diamond-studded watches? The urge to buy them is always predicated on one thing: a craving for social recognition. To be without status is to be ignored. This mechanism functions even with "immaterial luxury" that is far removed from traditional prestige goods. Whether it's a sabbatical, consideration of the environment, spending time with the kids, philanthropy, an "aware" lifestyle – our behaviour is fundamentally shaped by concern for status. Man is an "animal ambitiosum", anxious for a place in the sun.
The importance attached to status is now soaring. Years of prosperity in Western countries mean that there are more and more people whose basic needs have long since been satisfied. Add to these the steadily swelling middle classes of the emergent countries – not to mention the world's truly rich. The meritocracy has weakened the bedrock of traditional social class divisions and we are now stuck in the shifting sands of lifelong competition for rank and standing, putting us under permanent stress about status.
These developments are triggering a spiralling process that is steadily diminishing the half-life of status symbols. New needs are creating new markets and new opportunities for providers – as long as they understand the status shift and use it to generate products and services that have the potential for differentiation.
How you benefit
Up-to-date research findings, analyses and examples from practice give you an insight into a trend with market potential and you gain inspiration and ideas for products, services and communication.
Key questions
- What does «status» mean?
- How do the new status markets function?
- Where is new market potential emerging?
- In what ways is brand communication changing?
- What drives customer decisions and behaviour in the status and luxury markets?
Participants
Forward-looking thinkers who understand trends in society and are in search of new business ideas: marketing managers, product managers, brand managers, purchasing directors, communication managers, advertising agents, strategic planners, R&D directors, business development managers, consultants.
GDI Study: Statusfaction
Why the need for status is growing. How status symbols are changing and what we will be doing tomorrow to boost our image. Based on a representative survey, the study provides answers and recommendations on these questions. Published in spring 2008.