Social:Affordable affluence
Affordable affluence refers to a cultural phenomenon where consumers use accessible luxury goods and lifestyles to project status and align themselves with a higher social class, without requiring substantial wealth.[1] This concept is embodied by brands such as Aritzia and Erewhon Market, which position themselves as offering high-end, trendy, or health-conscious products that are relatively accessible to the average consumer.[2]
A related concept is quiet luxury, where the ultra-wealthy signal wealth through subtle means.[3] Quiet luxury emphasizes the widening gap between the ultra-wealthy and the general public, whereas accessible affluence provides a way for the general public to indulge in the lifestyle of the ultra-wealthy.[3]
Origin of the term
An early use of the phrase in this context in a 2023 article in The Cut called "Meet the People Working 3 Jobs to Afford Erewhon."[2] One of the interviewees used Erewhon as an archetype of affordable affluence.[2] It was described as “a way for regular people to position themselves adjacent to the upper class.”[1][2]
Background and description
The phenomenon arises due to an individual's desire to showcase status.[4] For years, companies have strategized how to target the average consumers by providing a product that signals an elevated social status.[2] For instance, Aritzia partnered with celebrities and micro-influencers to make it an aspirational brand at an affordable cost.[2] Erewhon similarly has allowed middle class consumers to subtly signal a higher degree of perceived wealth by purchasing higher priced, but still attainable items.[2] It has allowed middle-class individuals to feel as though they are part of an exclusive culture.[2]
This phenomenon has been seen particularly with Gen Z and Millennials in the setting of financial hardships in the 2020s.[2][5] Affordable affluence is an example of the lipstick effect.[6] Because traditional status symbols such as expensive cars became relatively more unattainable, posting clips on social media that showcase affordable affluence become an alternative status symbol.[5][7] Particularly with food, the perception has evolved from a necessity to a luxury.[8] A McKinsey & Company report demonstrated that these generations place a higher importance on groceries than restaurants, travel, and beauty/fashion.[9]
See also
- Luxury goods
- Quiet luxury
References
- ↑ 1.0 1.1 Jackson, Hannah (2023-04-21). "Meet the People Working 3 Jobs to Afford Erewhon" (in en). https://www.thecut.com/2023/04/erewhon-addicts.html.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 "What is affordable affluence, and why is Erewhon everywhere?" (in en). https://screenshot-media.com/the-future/trends/affordable-affluence-erewhon/.
- ↑ 3.0 3.1 "What is affordable affluence, and why is Erewhon everywhere?" (in en). https://screenshot-media.com/the-future/trends/affordable-affluence-erewhon/.
- ↑ "Day One FM • A podcast on Spotify for Podcasters" (in en). https://podcasters.spotify.com/pod/show/day-one-agency.
- ↑ 5.0 5.1 Court, Andrew (2024-10-17). "Cash-strapped Gen Z has a bizarre new status symbol: 'Affordable affluence'" (in en-US). https://nypost.com/2024/10/16/lifestyle/cash-strapped-gen-z-has-a-bizarre-new-status-symbol-affordable-affluence/.
- ↑ "What The Erewhon? Inside The A-List's Favourite Food Store" (in en-GB). 2024-03-27. https://www.elle.com/uk/life-and-culture/culture/a60310866/erewhon/.
- ↑ Upton-Clark, Eve. "Gen Z's new status symbol: super-expensive snacks" (in en-US). https://www.businessinsider.com/gen-z-loves-expensive-groceries-snacks-erewhon-whole-foods-2024-10.
- ↑ "What Does Luxury Mean For Gen Z? Fancy Groceries" (in en-US). 2024-10-17. https://www.delish.com/food/a62640515/gen-z-expensive-groceries/.
- ↑ "Inside the Rising Popularity of Grocery Stores". https://instyleaustralia.com.au/lifestyle/grocery-stores-popularity/.
 |  |
