25 May Marketing
Marketing
What is a status symbol?
A status symbol is an entity meant to denote the high economic and social standing of the owner. Even though some things that act as status symbols changes over time, they are always linked to the primary differences between the upper and lower classes within the society. In capitalist societies, status symbols are most often tied to monetary wealth.
Do Americans yearn for luxury products representing status?
Yes. Americans yearn for luxury products representing status. Over a million households in America that have a net worth of over six million spend their money of luxuries. The majority of this growth on love f luxurious goods has come from the existence of BRIC markets which includes products from Brazil, Russia, India, and China. Americans that are rich are beginning in to enjoy luxurious life currently through buying items and services of high status that they have been doing in the past years. The luxurious expenditure of Americans is expected to go higher more as more and more people are getting into the life of buying expensive items (Drew, 2011).
Are Americans participants in the global practice of counterfeiting?
Yes. Americans are participants in the global practice of counterfeiting. According to Organization for Economic Co-operation (OECD), there are millions of counterfeit shipments that get to America. Despite the major effort from government agencies to crack down the entrance of counterfeit goods, only a fraction of the goods are prevented from getting into the country. Among the most common counterfeit products that get to America are Optical Media, Tags/ labels, Computers and accessories, footwear, personal care, wearing apparel, electronics, jewelry, and Handbags (Thomas, Alexander & Vince, 2011).
References
Anisa, P. (2016).Our grandparents wouldn’t understand one of the biggest status symbols in the US today. Business Insider.
Drew, G. (2011). 9 Must Have Status Symbols that Say “I’m Rich.” The FiscalTimes. http://www.thefiscaltimes.com/Articles/2011/10/07/9-Must-Have-Status-Symbols-that-Say-Im-Rich
Thomas, C. F., Alexander E.M., & Vince, C. (2011). Nine most counterfeited products in the USA’ USA Today. http://www.usatoday.com/story/money/business/2014/03/29/24-7-wall-st-counterfeited-products/7023233/
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