Premiumisation of products and the rising middle-class
From Baby Boomers to Gen-X to millennials to Gen-Z and their respective purchasing habits, consumers are driving premiumisation
12 December 2019 - 11:50
Premiumisation as a trend is gathering momentum across a variety of industries as consumers’ priorities and spending patterns continue to evolve. During the early and mid-20th century, ownership of items such as stoves, refrigerators, radios and TVs were seen as a form of status-signaling. Due to technological advances, manufacturing ingenuity and globalisation, these items have become ubiquitous in modern times.
Essentially, the process of commoditisation has lowered the prices of such goods to the point where the level of quality is standard and so price becomes the key differentiator...
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