Why is a American Express considered a status symbol?
Based on wealth there are three kind of customers in the market
- Wealthy customers with high need to to show status
- Wealthy customers with low need to show status
- Poor customers with high need to show status
- Poor customers with low need to show status
American Express has been promoting the credit card for the first category of users who are rich and in high need to show their wealthy status. They promote their product for customers who are wealthy and are in a desperate need of showing their status to others.
American Express or AMEX tells its customers that they are very special and the American Express cards in their wallet symbolizes their special status. It kind of sets the user apart from people who cannot afford to use them. American Express Credit Cards have many other features that can indicate status. Features like lounge, passes for luxury hotels and invite to special invents are some of the features which helps the user to differentiate themselves from others.
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