...I am going to write about self-esteem. Everyone knows that I attend ASU, and everyone is probably familiar with the 'fashion' problem on campus. This first part will mostly appeal to girls, but guys, I promise I will make this worth your time.
I was chatting with a friend of mine over lunch and she brought up a very interesting subject. She was telling me about her new sevens that she bought last week (for those of you who don't know, sevens or "7 for all mankind?" is this ridiculously expensive line of denim). She is from a smaller town in Pennsylvania, and she explained that she felt like she had to buy those jeans in order to keep up with everyone at ASU. To an extent, her point is a valid one in that the majority of girls do own coach/burberry/versace/other extremely pricey articles of clothing or accessories and it really makes one question the "starving college student" stereotype. As an economist, however, it is my job to question and analyze such irrational behavior.
First of all, let me preface my 'analysis' with this idea: could it be that many of the ladies, and guys, who buy these expensive items lack confidence in their personalities? Perhaps. Think of the 'popular' crowd from your high school (I'm using high school because that is where superficial behavior is easier to notice). Were they popular because they helped people, or told funny jokes, or smiled and said 'hi' to everyone? Certainly not at my high school. The 'popular' crowd was created thanks to Audi's and Coach bags and lifted F-150s and Versace sunglasses and an unlimited credit card courtesy of daddy. Which brings us to the core of the problem: why are people so impressed with stuff?
An example: a friend and I went shopping last week and we had to make a special trip to Biltmore Fashion Square. That was my first and last visit. The purpose of making that special trip was to visit Saks Fifth Avenue so she could buy a limited edition lipstick from some guy who used to design for Gucci. (I need to clarify that this lipstick she was looking for was colorless, so it was used for the same purpose that one would use Chapstick) She was carrying a Louis Vuitton bag, she was wearing a pair of sevens, and some other 'ooh la la' type of shirt. I was wearing plain jeans and a red shirt with flip flops. The woman at the counter didn't look at me. I walked over to the shoes while she was buying her stuff and no one stopped to ask if I needed a size. I was amazed. I've only heard about that type of treatment in the movies...
Now, let's analyze this example in real terms. We have a store full of sales people who wouldn't recognize my presence simply because I didn't have 'the look'. Now, I mentioned earlier that she was looking at this limited edition lipstick; $53 later, it was hers. Capitalism and the stupidity of the average American is really a beautiful thing. If you want to learn how to make money, this is how. Get your brand going, team up with an 'old' brand (i.e. Estee Lauder, Gucci, etc.), put out a product that costs you $8 to make, advertise in top fashion magazines emphasizing the 'limited quantity' of your desired product, and set the price as high as you want, watch your profits roll in. When one thinks about it in those terms, it seems embarrassing that anyone would pay more than $10 for a tube of lipstick. I won't even get in to the situation where women are buying anything that appears on Sex in the City...
The bottom line of this rambling is that if people would rely on their own abilities and talents to find happiness, the desire for 'stuff' would decrease greatly. I never thought that I would be surrounded by college students who have almost $1000 on their bodies in clothing alone. I could go over the details as to how consumer spending effects the national deficit that everyone is bitching and moaning about, but I'll let you try and figure that out on your own. It is quite depressing that people are using status and materialism to define themselves at such a young age. I thought that form of thinking wasn't supposed to happen until you moved to Scottsdale or the Foothills...
I was chatting with a friend of mine over lunch and she brought up a very interesting subject. She was telling me about her new sevens that she bought last week (for those of you who don't know, sevens or "7 for all mankind?" is this ridiculously expensive line of denim). She is from a smaller town in Pennsylvania, and she explained that she felt like she had to buy those jeans in order to keep up with everyone at ASU. To an extent, her point is a valid one in that the majority of girls do own coach/burberry/versace/other extremely pricey articles of clothing or accessories and it really makes one question the "starving college student" stereotype. As an economist, however, it is my job to question and analyze such irrational behavior.
First of all, let me preface my 'analysis' with this idea: could it be that many of the ladies, and guys, who buy these expensive items lack confidence in their personalities? Perhaps. Think of the 'popular' crowd from your high school (I'm using high school because that is where superficial behavior is easier to notice). Were they popular because they helped people, or told funny jokes, or smiled and said 'hi' to everyone? Certainly not at my high school. The 'popular' crowd was created thanks to Audi's and Coach bags and lifted F-150s and Versace sunglasses and an unlimited credit card courtesy of daddy. Which brings us to the core of the problem: why are people so impressed with stuff?
An example: a friend and I went shopping last week and we had to make a special trip to Biltmore Fashion Square. That was my first and last visit. The purpose of making that special trip was to visit Saks Fifth Avenue so she could buy a limited edition lipstick from some guy who used to design for Gucci. (I need to clarify that this lipstick she was looking for was colorless, so it was used for the same purpose that one would use Chapstick) She was carrying a Louis Vuitton bag, she was wearing a pair of sevens, and some other 'ooh la la' type of shirt. I was wearing plain jeans and a red shirt with flip flops. The woman at the counter didn't look at me. I walked over to the shoes while she was buying her stuff and no one stopped to ask if I needed a size. I was amazed. I've only heard about that type of treatment in the movies...
Now, let's analyze this example in real terms. We have a store full of sales people who wouldn't recognize my presence simply because I didn't have 'the look'. Now, I mentioned earlier that she was looking at this limited edition lipstick; $53 later, it was hers. Capitalism and the stupidity of the average American is really a beautiful thing. If you want to learn how to make money, this is how. Get your brand going, team up with an 'old' brand (i.e. Estee Lauder, Gucci, etc.), put out a product that costs you $8 to make, advertise in top fashion magazines emphasizing the 'limited quantity' of your desired product, and set the price as high as you want, watch your profits roll in. When one thinks about it in those terms, it seems embarrassing that anyone would pay more than $10 for a tube of lipstick. I won't even get in to the situation where women are buying anything that appears on Sex in the City...
The bottom line of this rambling is that if people would rely on their own abilities and talents to find happiness, the desire for 'stuff' would decrease greatly. I never thought that I would be surrounded by college students who have almost $1000 on their bodies in clothing alone. I could go over the details as to how consumer spending effects the national deficit that everyone is bitching and moaning about, but I'll let you try and figure that out on your own. It is quite depressing that people are using status and materialism to define themselves at such a young age. I thought that form of thinking wasn't supposed to happen until you moved to Scottsdale or the Foothills...
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