Status, Envying and Social Comparison

This bias relates to buying products out of jealousy, to boost self-esteem, resulting from the prejudice comparisons create.

NoteExample

Buying a new car

An example is that of taking a consumer loan to buy a new car, when other needs should have been met first (e.g. better education or housing), thinking that a new car provides status.

“Of course we can afford it!”

Also relates to: Social Contagion · Communal Reinforcement