Many consumers buy products that they perceive to have recognition, prestige and status, which would be considered needs under Maslow's hierarchy theory.

Esteem

Explanation:

Abraham Maslow classified needs of an individual in the order of their priority and ranking. Following are the five needs as stated by Maslow:

1. Basic Psychological needs : These refer to the basic needs of an individual such as food, shelter, clothing, sex, etc.

2. Security needs : It refers to job security, personal health , living in an environment which is safe and secure and similar needs of an individual.

3. Belonging needs: This refers to the need of being loved by someone, friendship, a sense of belongingness amongst one's own people, etc.

4. Esteem Needs: Refers to an individual's self respect, need for social recognition, to act freely and assuming a status in the society.

5. Self Actualization Needs: This refers to achieving and realizing one's dreams and performing to one's full capabilities.

The given case points towards esteem needs wherein products are purchased not out of want, but majorly for their perceived recognition, satisfying one's prestige and status needs.

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