by Dr Rajat Roy
Imagine scrolling through your social media feed and seeing a friend post about their latest luxury purchase.
You might feel a twinge of envy – a desire to have what they have.
The phrase “Keeping up with the Joneses” originated in a New York comic strip from 1913 but, a century later, envy still significantly influences our consumer world – and marketers know it.
I recently led research into the power of emotion on our everyday marketplace behaviours.
My colleagues and I found envy is the single most powerful trigger for making purchases.
It’s one of the key reasons online influencers are so successful.
Take this example: After the debut of the hit Netflix series Emily in Paris, popular shopping platforms reported a phenomenal 289 per cent increase in searches for items donned by the show’s starlet, Lily Collins, while Chanel sales grew 25 per cent following the show’s premiere.
This is clear evidence that many people tried to reduce the gap between themselves and the “envied other” – Lily Collins – by buying products they probably didn’t need.
Marketers and branders of products work on our human emotions every day.
They create a brand that is human-like and almost with personality – even in p y something like a new vehicle.
One of the responses in market envy is that the consumer is trying to establish that “I am superior”.
Social media is expert at tapping into this through influencers.
The envious consumer wants the product the influencer touts so they can look/feel good just like them and also that people will see them in a better light.
Research also found consumers were willing to pay an “envy premium” to acquire that product.
Brands and influencers are adept at using aspirational marketing by showcasing lifestyles, products or services consumers aspire to have.
The envy this triggers drives consumers to purchase those products to achieve their desired lifestyle.
With influencers, this makes their followers envious of their lifestyle, looks or possessions.
They may promote products that are exclusive or in limited quantities, which creates a more urgent sense of envy among those who do not have them.
This scarcity can drive people to make a purchase quickly before they miss out – and often pay more in their rush.
Luxury brands are very effective in creating this sense of envy.
Owning a luxury item – a car, handbag, shoes, perfume – often signifies status and success, prompting some consumers to purchase them to elevate their own status and evoke envy in others.
These brands spend millions of dollars on their targeted campaigns and know how to encourage customers to share the luxury purchases on social media.
Here’s how some of the luxury big brand players work:
- Louis Vuitton’s marketing highlights the exclusivity and craftsmanship of their products. By collaborating with high profile designers and offering limited-edition releases, they create a sense of scarcity and envy, motivating consumers to move quickly to buy their luxury items.
- Porsche leverages luxury branding and exclusivity to generate envy. Owning a Porsche is perceived as a symbol of success and refined taste, making it a coveted purchase for those seeking to showcase or raise their status.
- Nike employs influencers to endorse their products, featuring top athletes and celebrities in their campaigns. The brand’s association with peak performance and stylish sportswear generates envy among those who aspire to achieve similar athletic prowess and style.
- Tesla employs aspirational marketing by highlighting its electric vehicles as environmentally friendly and high-performance, with advanced technology. The brand’s image of innovation and luxury generates envy among car enthusiasts and eco-conscious consumers alike.
So suddenly, the marketing drive makes you feel like you simply must buy that product to make your life better.
Game over: Luxury brand wins.
Rajat Roy is an Associate Professor of Marketing at Bond University Business School.