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
[edit]The phrase was first used 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
[edit]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
[edit]References
[edit]- ^ a b Jackson, Hannah (2023-04-21). "Meet the People Working 3 Jobs to Afford Erewhon". The Cut. Retrieved 2024-10-18.
- ^ a b c d e f g h i "What is affordable affluence, and why is Erewhon everywhere?". SCREENSHOT Media. Retrieved 2024-10-18.
- ^ a b "What is affordable affluence, and why is Erewhon everywhere?". SCREENSHOT Media. Retrieved 2024-10-18.
- ^ "Day One FM • A podcast on Spotify for Podcasters". Spotify for Podcasters. Retrieved 2024-10-18.
- ^ a b Court, Andrew (2024-10-17). "Cash-strapped Gen Z has a bizarre new status symbol: 'Affordable affluence'". Retrieved 2024-10-18.
- ^ "What The Erewhon? Inside The A-List's Favourite Food Store". ELLE. 2024-03-27. Retrieved 2024-10-18.
- ^ Upton-Clark, Eve. "Gen Z's new status symbol: super-expensive snacks". Business Insider. Retrieved 2024-10-18.
- ^ "What Does Luxury Mean For Gen Z? Fancy Groceries". Delish. 2024-10-17. Retrieved 2024-10-18.
- ^ "Inside the Rising Popularity of Grocery Stores". InStyle. Retrieved 2024-10-18.