Final answer:
The association of eco-friendly products or labels with positive social status due to their symbolic value of wealth, status, or social consciousness is referred to as conspicuous consumption.
Step-by-step explanation:
To symbolically communicate social standing, individuals may partake in conspicuous consumption, which involves purchasing and using products to convey a message about their social status. This concept is highly relevant when discussing the success of eco-friendly products like the Prius, which has become a symbol of eco-consciousness as well as a status symbol.
Conspicuous consumption often parallels with eco-friendly symbols that indicate not only an environmental awareness but also an element of luxury or higher status. The phenomenon where eco-friendly products or labels become associated with positive social status is referred to as conspicuous consumption.
Similarly, symbolic interactionism explores how personal appearance, housing, clothing, and transport reflect one's perceived social status. In terms of products, this is especially evident with items that are branded to elicit trust, affection, and pride. For instance, the association of a brand with eco-friendliness or exclusivity can lead to an emotional response that contributes to the product's desirability and status symbolism.