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Question
THE BILLIONAIRE LIFESTYLE SCENARIOPhilip, Joe and Ralph are all part of a billionaire's club in their city. They are all in their mid-40s, but with remarkably successful careers, they became billionaires within a very short period of time. Philip, the CEO of his own real-estate venture, started out as a dynamic entrepreneur who managed to make huge profits within two years of starting his business venture. He believes in living life luxuriously and lavishly. Joe, the CEO of an event management company, shares the same thought. Joe and Philip splurge on the latest cars and electronic gadgets in the market. They buy designer clothes, shoes and watches. They party at the best clubs in the city and are known to order customized suits for themselves from some of the best designers around the world. They also have a passion for traveling. They take time off from their work and visit exotic locations around the world, stay in the best hotels, and eat at expensive restaurants. But not all billionaires are like Philip and Joe; Ralph, the CEO of a chain of luxury hotels, used to be materialistic like the others. These days, he is no longer interested in living a lavish life and is rather keen on reducing his material consumption. He prefers living a simple life with his family, and rarely indulges himself like he used to do earlier. He feels that being too materialistic can not only lead to financial distress in the future, but also create problems in his personal life. Instead of partying like the others, he is often seen at charity events making donations. He wants to be known primarily for his contributions to the society and not for having an extravagant lifestyle. Refer to The Billionaire Lifestyle Scenario. Philip and Joe buy the latest and the most expensive cars in the market. They also splurge on designer clothes, shoes and watches. In doing so, which of the following consumer behavior traits are they displaying?
a. Materialism
b. Need for cognition
c. Frugality
d. Downshifting
e. Low self-monitoring
Answer
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