A home abroad, early retirement, lots of holidays, owning a log burner; what status symbol do you find most impressive?

A survey has been conducted in the North West, by Hitachi Capital (UK), to reveal what status symbols impress people the most.

What are status symbols?

Status symbols are what we aspire to have or to own, and what we view as a sign of success in others.

Findings:

From surveying 2,000 residents living in the North West of England, it was found that the top five indicators of of ‘someone doing well in life’ were:

50%

See owning a holiday home as a symbol that you are doing well in life.

However, only 32% aspired to own one themselves.

 

44%

Believed that an early retirement was an indicator of success.

41% aspired to achieve an early retirement.

This came top of the North West’s ‘aspired after’ list; higher than owning any physical item, including a walk in wardrobe (28%), a brand new car (28%), or a log burner (21%).

 

 

35%

Agreed that owning a brand new car with a new registration plate 

was a sign of doing well in life.

However, only 28% aspired to own one themselves.

 

26%

Thought that having a wine cellar marked that one was doing well in life.

 

 

A little out of the ordinary, but a fun fact!

21%

of people in the North West said they aspired to have a log burner.

 

Do you pay attention to what those around you are purchasing?

The study revealed which region is most likely to be influenced by others:

Those from the North West came out as the least likely, with 56% saying that they don’t pay attention to what other people are purchasing compared to the national average of 49%.

 

Evolution of status symbols

 

Measurements of status have always been around.

Vincent Reboul, Managing Director at Hitachi Capital Consumer Finance said:

“Status symbols have always been a hot topic throughout the decades, but what we as a nation aspire to have, and respect as a sign of success in others, is certainly changing”.

 

Look back to 1950’s, where a toaster was the sought-after item and then to now, where being the owner of a holiday home tops the marking of success.

What used to be a symbol of success such as toasters and washing machines, are now everyday essentials in modern life.

However, Vincent Reboul said:

“Based on our research, it’s a very real possibility that we could see a resurgence of some classics from the 80s and 90s, which we’re already finding with the revival of vinyl records and retro games.”

All of these symbols, throughout the years have one thing in common – a focus on improving quality of life.

 

What do you view as a symbol of success, let us know by tweeting @VIVAMagazines