The Psychology and Trend Behind Buying Expensive Smartphones
Manash Kumar
MBA
Under The Guidance of Prof. Dr. Ashish Kumar Singh
School Of Business
Galgotias University
Greater Noida
ABSTRACT
Purpose - This article explores the psychological factors and social trends that drive people to invest in high-end smartphones in the fast-changing world of technology. The decision to buy an expensive smartphone goes beyond mere functionality and is deeply rooted in psychology and general tendencies. The objective of this research is to find out what exactly is the psychology behind the aspiration or a purchase of an expensive smartphones. Perhaps one would notice around themselves that there is a trend of buying expensive smartphones, so is this observation really substantial is also a question that we are dealing with. To know if smartphone is the “new aspirational commodity.”
Design - This research employ a mixed-methods approach to capture both quantitative and qualitative data. Also the use of both primary and historic secondary data helped in the design.
Findings - Key aspects include the symbolic value of premium smartphones as status symbols that reflect social and economic status. The appeal, sophisticated design, and enhanced features of luxury brands contribute to the desire for social recognition, encouraging consumers to pay more for the prestige associated with famous brands. The psychological appeal of staying ahead of the technological race motivates people to invest in expensive devices, even if incremental improvements do not meet real needs. Social influence, especially peer pressure and social media influence, are important factors in deciding to purchase a smartphone. Fear of Missing Out (FOMO) in response to trends and social expectations drives consumers to purchase expensive smartphones. Purchase decisions are also influenced by the emotional connection and brand loyalty built by smartphone manufacturers. Because loyalty goes beyond rational considerations, consumers are willing to pay more for devices from brands they trust and feel an emotional connection with. Therefore, the psychology of purchasing an expensive smartphone is multifaceted, including symbolic value, technological appeal, social influence, and emotional connection. Factors such as need for status, sense of superiority, adherence to social trends, and brand loyalty combine to determine consumers' decisions to invest in luxury devices.
Originality/value - It is important for manufacturers and marketers to understand these psychological aspects when formulating strategies to address the complex motivations that underlie consumer choices. As technology advances and smartphones become increasingly integrated into everyday life, the interplay of psychological factors and social trends will continue to shape the landscape of high-end smartphones.
