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There are many reasons someone might choose one brand over another including brand familiarity, if it’s on sale, brand loyalty and brand awareness.
But did you know there are certain brands that actually correlate with the consumer’s status of wealth?
Consumer brand economists from the University of Chicago surveyed the buying habits of more than 6,000 Americans as part of a study about whether rising income inequality in the U.S. has spurred more cultural division or not.
Along with finding a correlation between products that wealthy consumers buy, they discovered that tastes do tend to change when someone accumulates wealth and that the overall cultural distance between the rich and poor, measured by consumption differences in consumer products and media, is pretty wide.
According to the study, the top 10 brands and products that wealthy people buy and trust include:
- The Apple iPhone. With the newer models costing nearly $1,000+, researchers associate this is as much about price as it is with consumer taste.
- The iPad
- Verizon Wireless
- Android phones
- Kikkoman soy sauce
- An HP printer
- AT&T cellular network
- Samsung TV
- Cascade dishwasher detergent
- Ziploc plastic bags
In other words, see someone using an iPhone or storing their food in the fridge with Ziploc bags? Chances are they are rich.
Feature Image: Pixabay
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