Final answer:
The marketing term for consumers flaunting their wealth or status by buying expensive products that others will notice is status seeking. This behavior is a form of conspicuous consumption.
Step-by-step explanation:
The marketing term for consumers flaunting their wealth or status by buying expensive products that others will notice is status seeking. Status seeking refers to the desire to gain social recognition and elevate one's social standing by acquiring and displaying luxury goods. This behavior is a form of conspicuous consumption, which involves purchasing certain products to make a social statement about status.
The term for buying expensive products to show off wealth or status is 'status symbols', a concept linked to conspicuous consumption.
The marketing term for consumers who buy expensive products to flaunt their wealth or status is status symbols. These status symbols can include anything from luxury vehicles to designer clothing, and they serve to convey an individual's societal position and financial capacity. This behavior is a result of conspicuous consumption, where individuals purchase items not just for their utility but to make a social statement about their status. Conspicuous consumption is deeply rooted in the urge for social stratification and is leveraged by marketers who associate products with luxury, success, and desirability to influence consumer behavior.