{{Short description|Use of high-end goods as status symbols}} thumb|Brands like Aritzia target middle-class consumers and brand themselves as more exclusive but still remains affordable '''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.<ref name=":0">{{Cite web |last=Jackson |first=Hannah |date=2023-04-21 |title=Meet the People Working 3 Jobs to Afford Erewhon |url=https://www.thecut.com/2023/04/erewhon-addicts.html |access-date=2024-10-18 |website=The Cut |language=en}}</ref> This concept is embodied by brands such as Aritzia and Erewhon, which position themselves as offering high-end, trendy, or health-conscious products that are relatively accessible to the average consumer.<ref name=":1">{{Cite web |title=What is affordable affluence, and why is Erewhon everywhere? |url=https://screenshot-media.com/the-future/trends/affordable-affluence-erewhon/ |access-date=2024-10-18 |website=SCREENSHOT Media |language=en}}</ref>
A related concept is quiet luxury, where the ultra-wealthy signal wealth through subtle means.<ref name=":02">{{Cite web |title=What is affordable affluence, and why is Erewhon everywhere? |url=https://screenshot-media.com/the-future/trends/affordable-affluence-erewhon/ |access-date=2024-10-18 |website=SCREENSHOT Media |language=en}}</ref> 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.<ref name=":02" />
== 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."<ref name=":1" /> One of the interviewees used Erewhon as an archetype of affordable affluence.<ref name=":1" /> It was described as “a way for regular people to position themselves adjacent to the upper class.”<ref name=":0" /><ref name=":1" />
== Background and description == The phenomenon arises due to an individual's desire to showcase status.<ref>{{Cite web |title=Day One FM • A podcast on Spotify for Podcasters |url=https://podcasters.spotify.com/pod/show/day-one-agency |access-date=2024-10-18 |website=Spotify for Podcasters |language=en}}</ref> For years, companies have strategized how to target the average consumers by providing a product that signals an elevated social status.<ref name=":1" /> For instance, Aritzia partnered with celebrities and micro-influencers to make it an aspirational brand at an affordable cost.<ref name=":1" /> Erewhon similarly has allowed middle class consumers to subtly signal a higher degree of perceived wealth by purchasing higher priced, but still attainable items.<ref name=":1" /> It has allowed middle-class individuals to feel as though they are part of an exclusive culture.<ref name=":1" />
This phenomenon has been seen particularly with Gen Z and Millennials in the setting of financial hardships in the 2020s.<ref name=":1" /><ref name=":2">{{Cite web |last=Court |first=Andrew |date=2024-10-17 |title=Cash-strapped Gen Z has a bizarre new status symbol: 'Affordable affluence' |url=https://nypost.com/2024/10/16/lifestyle/cash-strapped-gen-z-has-a-bizarre-new-status-symbol-affordable-affluence/ |access-date=2024-10-18 |language=en-US}}</ref> Affordable affluence is an example of the lipstick effect.<ref>{{Cite web |date=2024-03-27 |title=What The Erewhon? Inside The A-List's Favourite Food Store |url=https://www.elle.com/uk/life-and-culture/culture/a60310866/erewhon/ |access-date=2024-10-18 |website=ELLE |language=en-GB}}</ref> 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.<ref name=":2" /><ref>{{Cite web |last=Upton-Clark |first=Eve |title=Gen Z's new status symbol: super-expensive snacks |url=https://www.businessinsider.com/gen-z-loves-expensive-groceries-snacks-erewhon-whole-foods-2024-10 |access-date=2024-10-18 |website=Business Insider |language=en-US}}</ref> Particularly with food, the perception has evolved from a necessity to a luxury.<ref>{{Cite web |date=2024-10-17 |title=What Does Luxury Mean For Gen Z? Fancy Groceries |url=https://www.delish.com/food/a62640515/gen-z-expensive-groceries/ |access-date=2024-10-18 |website=Delish |language=en-US}}</ref> A McKinsey & Company report demonstrated that these generations place a higher importance on groceries than restaurants, travel, and beauty/fashion.<ref>{{Cite web |title=Inside the Rising Popularity of Grocery Stores |url=https://instyleaustralia.com.au/lifestyle/grocery-stores-popularity/ |access-date=2024-10-18 |website=InStyle}}</ref>
== See also ==
== References == <references />
Category:Wealth Category:Social media