The spectrum of goods
The type of good must play an important role in why people buy stuff.
It’s undoubtedly an important jigsaw piece in Why People Buy Stuff.
In Economics, there are various defined types of goods. The problem with economics is that it tends to be overly binary. It’ll say good is either utilitarian or hedonistic. That is: it’s for solving problems or for pleasure.
But I don’t buy it: think about a garbage can you buy for your home office.
Do you choose the same garbage can as your 14-year-old sister?
No. It’s good that both are utilitarian (e.g., a garbage can), but we decide exactly which garbage can on a hedonistic plain, too. That is: the look must create joy with us.
My working theory is that rather than goods falling into distinct categories, like hedonistic or utilitarian goods, they operate more on a spectrum.
But now let’s layer in status. Why doesn’t Jeff Bezos have the same garbage can as us?
Because he can signal status, that’s why.
Layering on that idea, I believe status symbolism plays a role in choice-of-goods, too. That’s a working thought, anyway. More on this another time.