Material

• People are likely to purchase products that can relate to their personality
• Material possession signifies some aspects of one’s sense of self and identity
• Things are bought because of personal associations
• One’s sense of self and identity influences how an individual chooses to purchase their wants and how they make economic decisions to address social needs
• The decisions for purchasing items and services depend on factors like financial constraints, availability, and influence of family and friends
• The most important factor is determining whether items and services fall under “wants” or “needs”
• Needs are essential for survival: food, clothing, and shelter
• Wants are luxuries bought for reasons that are not necessary
• In acquiring material goods, people consider utility and significance
• Utility is about how things serve a practical purpose
• Significance is about the meaning assigned to the object and how it becomes a symbol or icon of habit and ritual, separate from its primary function