At least one source (APA format) in the response pleaseLink for video: This clip was created before the Great Recession. Do you think anything has changed since the economic downturn of 2008?Post: In the video she talks about the status premium of branding. She gives coffee as an example of this status premium. Prior to status branding, coffee came in just generic cups. Afterwards, coffee chains, such as Starbucks, branded their cups making it obvious who got their coffee from where. Even though this video was made about 10+ years ago, the status premium of branding and how it effects people s spending habits, has not really changed. A current example of this would be Apple products. Apple is one of the leading phones and other technology companies and is considered better than other competitors based on the branding even if competitors phones and other technology are equal to or better than Apple s. During the economic downturn people maxed out credit cards and loans just to keep up appearances, much like people still do today. Everyone is so eager to match the status quo in order to not feel left out or lesser than their peers. In conclusion, after the economic downturn it did not change how people feel and think about maintaining the status quo. People still try to impress others just like before the recession.Question: What is competitive consumption? Have you observed this among your peers? How does it manifest?Post: Competitive consumption refers to spending money on expensive brands to put on a display of wealth to other individuals, rather than buying what is actually needed. It is a very competitive process where people try to one-up each other and compare what they have. Today’s society most definitely suffers from competitive consumption, especially through social media. I notice it among my peers every single day as a college student. The majority of my classmates come to lectures with designer backpacks, expensive MacBooks, and a brand name coffee cup in hand. We are so trained to think that brand names are better than generic brands because of a logo, but they are essentially the exact same thing. People spend more money on coffee drinks that they can make at home just because they want to be seen with a Starbucks cup. It seems as if we have stopped spending money on things we actually love in order to be seen as “cool” and to fit in. I know that I am guilty of it, and I find myself envying the famous Instagram models who promote all the latest trends. I think this is how competitive consumption manifests; it starts with envy. Our culture believes that worth is based on material things and that bigger is better. We have become more greedy and much less thankful. Everyone wants the latest iPhone, the fastest car, and the biggest house. We feel like we are worthless when our peers have “better” things than we do, but self-worth is not truly based on material things. Overall, I think we should be more grateful for what we have and stop comparing ourselves to others in order to stop competitive consumption from getting even more out of hand.
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