The Material/Economic Self
This section focuses on how people maintain extensions of themselves through material possessions and the maintenance of particular lifestyles. In the context of what society values as needs and wants, this section discusses how an individual acquires goods, the factors that shape his/her economic decisions, and what these things say about one’s sense of self.
People are likely to purchase products that can relate to their personality. Material possessions signify some aspects of one’s sense of self and identity.
Possessions, tell a lot about their owners. Thus, one’s sense of self and identity is influential on how an individual chooses to purchase his/her wants and how he/she makes economic decisions that will address his/her personal and social needs
The decisions that go into the purchase of items and certain services are dependent on a number of factors, including financial constraints, availability of items and services, and the influence of family and friends.
However, the most important factor in determining whether these items and services fall under:
Wants. Synonymous with luxuries. People buy them for reasons that do not warrant necessity.
Needs. These are important for survival. Food, clothing, and shelter are basic needs so people purchase them out of necessity.
In the process of acquiring material goods, people generally consider 2 things:
Utility. Concerned with how things serve a practical purpose.
Significance. Concerned with the meaning assigned to the object. It is also concerned with how objects become powerful symbols or icons of habit and ritual which can be quite separate from their primary function.
To further understand the term significance, Roland Barthes studied the concept of semiology or the study of signs. According to him, it is through objects that people assert their identities. This idea suggests that objects, aside from contributing to how individual identities himself/herself, also signify relationships of people with others based on what they possess.
The possession of material things also indicates one’s status in society. These personal choices build one’s material and economic self which is an extension of his/her social identity.
