Paul is an analyst at an investment bank.He notices that many of the senior executives at his office wear Rolex watches,so he decides to save up and buy a Rolex so that he will appear to more like those executives.This behavior is known as ________.

Question

Quizplus · Accepted Answer

Status consumption refers to the expenditure on luxury goods or services intended to enhance one's socio-economic status or to signal one's membership in a certain social group. In this scenario, Paul is buying a Rolex watch to signal his status among the senior executives at his office.

Paul Is an Analyst at an Investment Bank