Final answer:
The statement is false; brand engagement is about the consumer-brand relationship, while the endowment effect describes an owner's favoritism towards their possessions over non-owned items.
Step-by-step explanation:
The statement is false. Brand engagement refers to the relationship between a consumer and a brand. It encompasses the various points of interaction that a consumer has with the brand, and the resulting emotional connection and loyalty that may ensue. On the other hand, the tendency of an owner to evaluate an object more favorably than a nonowner is known as the endowment effect, which is a concept rooted in behavioral economics, not brand engagement.