Final answer:
Customers who are early adopters and want to be recognized as trendsetters are known as Innovation/trend buyers. They are motivated by novelty and the status of owning new, fashionable items, unlike impulse buyers or comparison shoppers. This desire is part of a larger societal shift towards consumerism where the satisfaction of a purchase depends on the information available to the consumer.
Step-by-step explanation:
Customers who have an early adopter mindset and seek recognition as trendsetters are typically known as Innovation/trend buyers. They are motivated by the desire to be seen as leaders in adopting new products and setting trends. These consumers differ from impulse buyers, who make purchases on a whim, and from recreational shoppers, who shop for pleasure rather than necessity. Unlike comparison shoppers, who carefully evaluate products before purchase, innovation/trend buyers are more influenced by the novelty and status conferred by owning something new and fashionable. Department stores played a significant role in changing buying patterns by offering a wide variety of goods and establishing fixed prices. This shift allowed for the spread of national branded products and small luxuries. Similarly, teenagers' clothing choices are often influenced by social norms rather than just parental rules or the need to save money. Advertisers sometimes exploit this through the bandwagon fallacy, insinuating that since 'everyone' is buying it, it is a trend worth following. Moreover, the rise in consumer credit and personal lines of credit have enabled more people to participate in this culture of acquisition, exemplifying the change in the American Dream and consumer behavior. All purchases are ultimately based on the belief in the satisfaction the good or service will provide. However, this satisfaction is contingent on the information available to the consumer, which is not always perfect or clear-cut, leading to potential regrets or hesitancy in future purchases.