As the 2010s drew to a close, trend forecasters eagerly anticipated a 'roaring '20s' – a hopeful echo of the 1920s post-war boom. Despite the backdrop of political turbulence during Trump's presidency and sluggish post-recession economic growth, many envisioned a positive era on the horizon. The murder of George Floyd in 2020 catalyzed a wave of corporate diversity initiatives, though their long-term impact remains questionable four years later. When the COVID-19 pandemic struck, disrupting these optimistic projections, forecasters pivoted, framing the global pause as a ‘blank page for new beginnings.’ While the message felt insensitive, this perspective wasn't entirely misplaced; the stillness of lockdowns sparked profound discussions about the fashion industry, environmental concerns, and societal values evident across the rise of 'big think talk culture,' which found its home on platforms like Clubhouse and fueled the explosive growth of podcast culture as we know it today.
As the world emerged from the pandemic's shadow, it became clear that its effects were far more complex and far-reaching than initially anticipated, reshaping economies, social structures, and future outlooks in unprecedented ways.
The pandemic's economic impact was far from uniform, resulting in what economists call a K-shaped[28] recovery. In this case, the top 1% of earners were largely insulated from the pandemic's financial fallout, often benefiting from the stock market's swift recovery and the shift to remote work. In contrast, the middle class faced significant challenges, with many sliding into lower income brackets. This widening wealth gap effectively hollowed out the middle class, pushing a substantial portion into the lower market. This divergence in economic fortunes has raised serious concerns about long-term social stability and the need for more equitable economic policies in the post-pandemic world.
The middle class experienced a sort of split: some managed to level up into the upper-earning class bracket, while others were pushed down into lower-income brackets. This inequality resulted in the share of adults who live in middle-class households falling from 61% in 1971 to 50% in 2021. This divergence effectively emptied the traditional middle market, creating a more polarized economic landscape. Interestingly, where these two income brackets meet is in the middle – or at least in how they present themselves.
The wealthy will always continue to have access to luxury goods and spaces, especially those who are not trend-oriented, however, an inconspicuous approach to wealth, along with topical trends like "Stealth Wealth" and "Quiet Luxury" gave rise to a 'Premium Mediocre[29]' approach to shopping and dressing across the board. This phenomenon reflects a complex interplay between economic realities and social presentation, where individuals across different income levels aspire to project a similar aesthetic, blurring the visible lines between economic classes.
While keeping in mind economic and fashion market conditions are constantly evolving, at present, there are interesting arenas of ‘middle’ emerging, in addition to this K-shaped economy.
First, we explore the placement of a contemporary ‘premium mediocre’.
Fig. 28. A traditional matrix of fashion market segments, with a perceived ‘middle market’ at the center, sitting in between directional and commercial fashion design.
Fig. 29. A visualization of a K-shaped economy recovery against fashion’s luxury vs. mass market. While there are certainly conspicuous consumption in the luxury market, and inconspicuous consumption in the mass market, in terms of shopping-to-share habits, we place the consumer value of inconspicuous consumption with luxury, and conspicuous with mass markets. After all, the whole basis of the ‘quiet luxury’ was this very discreet inconspicuousness assumed by the luxury market, mimicked by the masses. We place a convergence point of ‘premium mediocre’ to represent the aesthetic middle between both markets in replacement of an actual middle market.
Fig. 30. Placement of the K-shape economic recovery and a premium mediocre market place on the traditional fashion market matrix. The state of the economy has resulted in the middle market to step away from an overlap with directional fashion, and a more conservative, practical focus on a commercial premium mediocre.
Fig. 30. Hypothetis: A K-shaped aspirational consumer recovery via brand strategies.
Prosumer: A highly informed and discerning consumer who approaches purchasing decisions with professional-level knowledge and expertise, often influencing market trends.
Massclusivity: A marketing strategy that offers mass-produced goods with an air of exclusivity, making consumers feel special while buying widely available products.
Premium Mediocre: A consumption pattern (as a result of branding strategy) where people splurge on premium products in certain visible areas while economizing in others, creating an illusion of a higher lifestyle.
Masstige: A marketing term combining "mass" and "prestige," referring to premium products made accessible to mass-market consumers.