RESEARCH SEMINAR : STATUS CONSUMPTION: A JOURNEY THROUGH TIME & CULTURES

Posted on July 17, 2014 by administrator

Paurav Shukla, Professor of Luxury Brand Marketing at the Glasgow Caledonian  University delivered an interesting talk on Status Consumption: A Journey through Time & Cultures on July 16, 2014.

Prof. Shukla points out the modern pursuit of personal identity and style through consumption is now widely recognized and is actively encouraged by marketers. Consuming for status has become a defining element of new consumerist societies. However, status directed consumption is not a recent phenomenon. From the extravagance and excesses of ruling elites in earlier societies to the new business maharajas, status directed consumption behaviour has been well observed and documented. However, with the increase in the standard of living beyond wealthy elite, status consumption has percolated through to the masses who are attempting to adopt profligate lifestyles across the world. For example, brands such as LVMH, Gucci and so on have seen phenomenal growth in the last two decades. Seminar was  a brief review of the historical trends relating to status consumption and presented several studies conducted over the last six years focusing on status consumption in the developed and emerging markets. The studies focus on socio-psychological, brand and situational influences on status consumption across the countries.