Increasing number of people choose to purchase their needs and wants from reputable brands . There are numerous factors contributing to this trend and phenomenon may lead to both positive and negative outcomes outlined in the first coming paragraphs.
The primary reason for increasing preference for branded products is perceived quality and reliability. Moreover, reputable brands are believed to use high quality materials in production and hire skilled employees resulting in durable and reliable products such as Nike and Adidas. Both companies have been building trust of people for a long time serving them longer period than other clothes brands.
Another contributing factor is social status symbol. There is a common belief that owning branded products can be seen as a symbol of wealth , success and sophistication. People with sufficient financial resources can effort to buy Mercedes or BMW to use them as a tool for showing off their wealth and making themselves stand out from the crowded .
However, this tendency has both desirable and undesirable consequences. On the positive side , increasing demand for established brands can stimulate an economy of country in a positive way.they can create new working places across various sectors from manifactures to retail and marketing . Additionally, increasing tax revenue which can be invested in improvement of public services and infrastructures . For example , consodilated vehicle sales of Toyota reached approximately 9.44 million unit cars which equels 311 billion dollars . Therefore, they give 3 percent of this income to the government as a tax . On the other hand , negative sides are implications and social inequality . Possession branded items can create two envinroment among people . these conditions called poor and wealth . Wealth people can allow themselves to purchase established brand items while poor individuals cover their basic needs hardly.
In conclusion , the desire for possession branded staff is driven by various factors including perceived quality and social status. However, this has also drawbacks such as social inequality and implication.