Why Are People Obsessed with Buying Status Symbols?

A status symbol is usually products or real estate people buy to impress other people or they have reached the level of success they wanted to achieve. When some people become financially successful they will go and buy status symbols such as luxury vehicles and designer clothes that will show everybody that they are successful.

The label the media and other people have put on products as being status symbols can cause several people to try to obtain these items when they know they can't afford it. There is so much news in the media about the kind of cars and products celebrities have and it has caused a lot of people to go into to debt just to have the same products as the celebrities. The companies that make these status symbols love it when celebrities are wearing, driving, or endorsing their products because their sales increase.

Three examples of celebrities that influence the products people buy are Oprah, Michelle Obama and Sarah Palin. Over the years, Oprah has been known to have a show each year with her favorite things. Fans of Oprah eagerly wait for the talk show host to announce what her favorite things are. As soon as they are announced, sales of the products increase over 100% and the companies that provided the products are so happy their product was chosen as one of Oprah's favorite things.

Michelle Obama has recently begun to have an influence on the kind of clothes woman wear. She did not intentionally set out to do this but people have noticed she has good taste in clothes and want what she is wearing. The first time people wanted a dress Michelle Obama was wearing was when she was on the talk show called The View. As soon as she told viewers where she got the dress from, the dress was sold out.

Sarah Palin is having an influence on the type of glasses people wear. After her appearance at the Republican National Convention people became interested in the type of glasses she was wearing. The company that makes the glasses has seen their sales increase because of this.

The current subprime mortgage crisis and the increase in car repossessions is a good example of people buying things they couldn't afford. Some these people probably bought these things because they were a status symbol, it made them look successful, or they wanted to impress people. Or maybe a small number of them were influence by their favorite celebrities.

Many people that obtain these status symbols will be happy with the products for a short time. But buying these products will cause them to want even more.

Below is a list of a few name brands and products that are considered to be status symbols:

Cars

1) Mercedes- Benz

2) BMW

3) Lexus

4) Bentley

Clothing & Accessories

1) Dolce & Gabbana

2) Louis Vuitton

3) Manolo Blahnik

4) Chanel

Electronics

1) Plasma TV

2) Blackberry

3) iPod

Real Estate

1) Mansion

2) Vacation home

Whatever reason people have for buying these status symbols, these products are not going away as long as we have the influence of the media and celebrities.