Brand status refers to consumers’ perceptions of quality, prestige, price of a brand and its capability to act as a status or success symbol (Elliott, 1994; O’Cass and Frost, 2002; Vigneron and Johnson, 1999). According to an earlier study by Gardner and Levy (1955) the consumers not only just look for product functionality, but also brand status, or the symbolic meaning or property of the brand.
There are many elements to impact the status of a brand, such as social factors and marketing factors. Consumer perceptions will be affected by the brand status. The consumers who have more status conscious prefer to express their uniqueness (Clark et al., 2006), confidence (Husic and Cicic, 2009) and fashion (Phau and Leng, 2008) with the symbolic characteristics of a brand. λ Consumer’s need for status …show more content…
He mentions that people like to use the material resources to compare with others for their social status. People want to prove their social status with their wealth. And Dion and Arnould (2011) indicate that luxury consumption involves expectation to elite status or is viewed as an attempt to gain symbolic dominance over others. With this mind, people would like to pay or purchase a luxury product to show other their rich. The psychology prompt customers get an extremely gratification through the consumption of luxury products. at the same time, they think that it is a symbol of their success. At the same time, the luxury brands organize their high-end clubs to serve their loyal customers, it makes customers who own the same wealth share the same value, in a sense, it’s great to meet their psychological
There are many elements to impact the status of a brand, such as social factors and marketing factors. Consumer perceptions will be affected by the brand status. The consumers who have more status conscious prefer to express their uniqueness (Clark et al., 2006), confidence (Husic and Cicic, 2009) and fashion (Phau and Leng, 2008) with the symbolic characteristics of a brand. λ Consumer’s need for status …show more content…
He mentions that people like to use the material resources to compare with others for their social status. People want to prove their social status with their wealth. And Dion and Arnould (2011) indicate that luxury consumption involves expectation to elite status or is viewed as an attempt to gain symbolic dominance over others. With this mind, people would like to pay or purchase a luxury product to show other their rich. The psychology prompt customers get an extremely gratification through the consumption of luxury products. at the same time, they think that it is a symbol of their success. At the same time, the luxury brands organize their high-end clubs to serve their loyal customers, it makes customers who own the same wealth share the same value, in a sense, it’s great to meet their psychological