A new style has emerged and redefined the status symbol of poor. Called, not simply, the Poorgeoisie, this group of wealthy hipsters spends luxurious amounts to look like hobos. Despite the recession, luxury is in while gaudy is out.
Now, top designers and retailers are tailoring their products and campaigns to this shift in taste of "virtuous consumption", as Thomas Frank calls it in the July 2009 issue of Details. For this group, products need to have a story, a meaning and a purpose to be bought for justification.
A great article in Details talks about the Poorgeoisie in depth with some interviews and examples of companies who cater to this shift in lifestyle.
Poorgeois People
Exploring the Cultural Camouflage of Under-the-Radar-Rich
Trend Themes
1. Poorgeoisie Trend - Opportunity for designers and retailers to create products with a story, meaning, and purpose to cater to wealthy hipsters who embrace 'virtuous consumption'.
2. Luxury Minimalism Trend - Emerging trend of embracing luxury while opting for understated and minimalist aesthetics, creating opportunities for new luxury brands and lifestyle experiences.
3. Purposeful Consumption Trend - Shift towards conscious consumption, where consumers seek products and brands that align with their values, presents opportunities for socially responsible businesses and sustainable innovations.
Industry Implications
1. Fashion Retail - Fashion retailers can tap into the Poorgeoisie and Luxury Minimalism trends by creating clothing and accessories that blend luxury with understated aesthetics.
2. Luxury Goods - Luxury goods industry can explore the Poorgeoisie trend by designing and marketing products that have a compelling story and purpose to cater to consumers seeking 'virtuous consumption'.
3. Sustainability - The sustainability industry can leverage the Purposeful Consumption trend by developing eco-friendly products and promoting socially responsible practices to appeal to conscious consumers.