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We have discussed many aspects of this century and will continue to do so. For example, at the beginning of the 21st century, when the world was discussing his third millennium, this century was described as the “age of reason” and the century of the space race. But looking at the global financial crisis of 2008, the current intercontinental tensions, the COVID-19 pandemic, and the war between Russia and Ukraine, we have almost completely forgotten what to expect in this century. We have forgotten what we want in this century. We are entering an era of renunciation of reason, or a severe era of uncertainty.
It’s a difficult time, with a world population of eight billion facing the most difficult energy and food crises in history. The fight against global poverty has not progressed to the desired degree.
It is interesting, however, that this difficult situation is not reflected in the consumption preferences of people around the world, especially those of middle-income and middle-income consumers. The 21st century is an era in which companies have successfully built service networks on a global scale and are selling “status” rather than “products.”
Therefore, the 21st century is a century in which “status marketing” is prioritized over “product marketing”, and the world’s leading brands sell “status” and “solutions” instead of “products”.
This method, which we call “status marketing,” is a marketing tactic aimed at capitalizing on people’s obsession with buying status symbols. From the smart devices we buy to the sneakers we carry, from the bags we carry to the cars we ride in, from the hotels we stay in to the restaurants we eat at, we market “status” and “solutions.” For this reason, we pay a high price to feed our love of ‘status’, and as a result end up buying intelligent devices worth a fortune to replace previous models that still work. Become.
“Branded” Cities
Considering the fact that you are buying a ‘status’ rather than a ‘product’, buying goods from ‘branded’ cities around the world such as Paris, Milan, Istanbul, New York, London, Barcelona, Dubai, Singapore, etc. It’s different now. The meaning and value are different, instead of buying it in a store in your home country. For this reason, not only Eurasian, but also Balkan, Caucasus, Central Asian, Middle Eastern and Gulf shoppers like to shop in Istanbul, while Asians prefer to shop in European cities, especially Paris, London, I love shopping in Milan. Global brands are also aware of the fact that the entire shopping process from packaging to store bags is really status marketing. . As the world has just entered the New Year, we can see this up close in all the media around us.
2020 and 2021 have been challenging for the world’s leading brands due to the COVID-19 pandemic, restrictions and quarantine measures, but by the end of 2022, consumer spending, especially on luxury goods, will reach €1.4 trillion (1.5 trillion euros) by the end of 2022. trillion dollars). 21% YoY increase. At present, a strong trend towards especially luxury consumer goods, goods and services (luxury travel) is projected to continue to grow through 2030 due to significant increases in consumption in major developing countries, especially China. The middle class is growing.
The main generations that the world’s leading brands struggle to understand are Gen Z and Gen Alpha. If new generations have very different ideas about ‘luxury’, if they prefer a more ‘minimalist’ lifestyle, or if their interest in luxury and ‘status’ declines, the world’s major brands will be very tough. will spend time However, sports brands will be the luckiest sector, as the new generation takes a serious interest in sports and sports-related smart devices.
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