Why Do Snobby People Buy Expensive Things? (C1)

Questions

What is the „snob effect” as described in the video?
How does the price of a product influence a snob consumer’s purchasing decisions?
Why might a snob avoid popular or accessible brands?
What are some examples of products that snobs might prefer?
How does the concept of „peacocking” relate to snob behavior?
What external factors can influence a snob’s desire for a product?
In what way does the popularity of a product affect a snob’s interest in it?
How does the iPhone exemplify the snob effect in consumer behavior?
What are the implications of the snob effect for understanding consumer choices?

Answers

1. An economic phenomenon where higher prices indicate greater social status.
2. Snobs buy more as prices rise, viewing it as more prestigious.
3. To stand out and maintain exclusivity.
4. Luxury jewelry, fast cars, high-end fashion.
5. It involves displaying wealth for recognition and prestige.
6. Popularity among the public; if too many buy it, snobs lose interest.
7. Snobs may reject products that become too common.
8. It’s seen as more prestigious, prompting snobs to buy the latest models.
9. It explains why some prioritize exclusivity over practicality.