"Crude" by Cory Ingram is definitely a gift for the person who has everything" says the ad.
This is a bottle of real 50 ml of crude oil packaged in a perfume or cologne bottle. This is a limited edition of 50 bottles which have been "uniquely packaged". The price of this small bottle of crude oil is $280.00. The ad says that this is a gift for the person who has everything and to me that is code for: This item is completely useless except as a symbol of status. Good thing it is a limited edition.
Key Themes Behind This Trend
- Luxury Commodity
- Creating limited edition, luxury versions of common commodities (like crude oil) can ignite status-seeking behavior among consumers.
- Symbolic Consumption
- Marketing products as symbols of status rather than strictly functional necessities can lead to high-priced sales and exclusivity in the market.
- Commodity Fetishism
- Packaging commonly replaced commodities in stylized vessels can evoke a sense of fetishization among some consumers who will pay a premium for the product and the status associated with it.
Where This Applies
- Luxury Goods
- High-end fashion and accessory brands can create exclusive, limited edition luxury items from common commodities like crude oil to appeal to status-seeking, elite consumers.
- Art
- The art industry can create pieces that challenge the way society values certain commodities and material objects, shifting focus onto the symbolic and interpretive value of everyday commodities.
- Marketing & Advertising
- Marketing firms can create campaigns that emphasize the symbolic and status-seeking value of commodities, thus creating a cycle of demand and exclusivity among consumers.
