Why do we buy brands and how it affects our wellbeing?
The original “influencers” were born in the 1970s with the hip hop culture. The distinctive style of dressing “dripping in brands” originated from African American, Latin America and from inner-city youth located in New York City, followed by Los Angeles other American cities. All have contributed to the overall name dropping of brands in the music scene worldwide today.
Purchase of luxury brands frequently is driven by perceptions about self-identify ideal self, social comparison, and other “self” motivations. Mostly we buy for emotional End-Benefit: “Who I Am”.The picture below has been tallied by most frequently mentioned luxury brands from 150 popular rap songs, based on Billboard’s ranking of the top 100 rap songs.
There is no denying it feels good to buy brands or expensive stuff but how long do the satisfaction and happiness last?
According to research done by J. Carrillo & I. Brocas (Eds.), Economics and psychology. New York: Oxford University Press it lasts only 3 months. The mind of every man, in a longer or shorter time, returns to its natural and usual state of tranquillity. In prosperity, after a certain time, it falls back to that state; in adversity, after a certain time, it rises up to it. This was also explained by Adam Smith, “The Theory of Moral Sentiments”.
What happens to us in the long run if we have materialist’s attitudes?
Research by Nickerson ET AL (2003) was done exactly to find out the effects of people who have materialistic goals in life. 12000 students were part of this study from 1976 to 1996. 20 years later when they were asked about their life satisfaction following were the findings
- Materialist had Lower Life satisfaction Vs Non-Materialists
- Materialists also had more mental health disorders after 20 years
So the big question is how to let go of materialism?
Start Pursuing Intrinsic Goals!
These are goals that fuel who you are as a person. They fulfil you deeply. And most importantly, they fulfil your core human needs for autonomy, competence, and relatedness. They are about enjoying the journey. They are personally meaningful to you and you would engage in them just for the sake of it (without desiring some ulterior motive). Materialists are a prime example of people who are pursuing extrinsic goals.
- “We have a largely materialistic lifestyle Characterised by a materialistic culture. However, this only provides us with temporary, sensory satisfaction, whereas long-term satisfaction is based not on the senses but on the mind” – Dalai Lama
