The future of consumption

The future of consumption – between consumer power and “luxterity”

The shift of power from provider to consumer continues as the digital revolution gathers momentum: information is accessible at all times and the explosion of networks allows for a comprehensive exchange of information about products and services. People – and thus consumers – are becoming more and more aware of how they can use this development as a means of exerting power. As a result, they tend to scrutinise more carefully the marketing promises that they encounter. In order to remain close to their customers, companies are replacing one-sided (corporate) communication with an authentic dialogue with consumers. The issue of relevance also becomes more important in this context. Do I really need this product? Or: Is it necessary to own a product, or is it enough to participate according to one’s needs?

The principle of “luxterity” (luxury + austerity) means that sacrifices are made in one area so that every euro does not have to be watched somewhere else. It can be seen as a type of bipolar consumer behaviour, where the medium price segment suffers the most as this is the segment that is losing more and more customers. The consumer is like a split personality that is in control of saving as well as waste. During the week, he or she makes sacrifices and shops at discount stores in order to have more money to be able to socialise at the weekend. Or uses low-cost airlines to get away for the weekend and then stays in a 4-star hotel or attends expensive cultural events.

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