Politiken: Luxury Consumption Has Been Democratized
By Filip Lau, January 14, 2005
A new type of luxury is emerging across industries. This new phenomenon is known as “masstige,” a combination of “mass” and “prestige.” The products in this category challenge the traditional conception of luxury because they defy the relationship between price and supply: the prices stay high despite the fact that the products are mass-produced.
Filip Lau explains the drivers behind the new consumer trend: “Modern people change their girl- or boyfriend and their job more often than ever. Adult Americans have an average of nine to twelve serious relationships in their lifetimes and thirteen different jobs. These kinds of changes call for increased consumption. If you are in-between jobs, one will often try to ‘reinvent oneself,’ by buying clothes or new furniture, or getting a facial lift.”
Read the full story here.