Sharad is very particular about maintaining his identity. He always makes sure to buy the latest cell phone or go to important charity shows and exhibitions considered to be elite. Which of the following concepts explains his behaviour?

Status symbol

The correct answer is Option (2) → Status symbol

Sharad’s behaviour shows that he wants to display his social position and identity through possessions and participation in elite events. This is best described as a status symbol, since he is using objects and activities to signal prestige