21st century’s marketing strategy: ‘Status’

We are, and will continue to be, talking about many aspects of the century we are in. For example, at the beginning of the 21st century, when the world was discussing the third millennium, it was stated that this century would be the “Age of Reason” and the century of the space race. However, given the global financial crisis of 2008, the current intercontinental tensions, the Covid-19 pandemic and the Russia-Ukraine war, we have completely forgotten what was expected of this century and are in a position to think that we have. entered an “Age of Abandonment of Reason” or a serious “Age of Uncertainty”.

A difficult period with a world population approaching 8 billion facing the most challenging energy and food crises in its history. The fight against global poverty has not progressed as expected.

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However, it is interesting that this challenging situation is not reflected in the consumption preferences of people around the world, especially among middle-income and upper-middle-income consumers. The 21st century is where companies have succeeded in establishing a service network on a global scale and now aim to sell you a “status”, not a “product”.

Therefore, the 21st century is not a “product marketing” but a century where the emphasis is on “status marketing”, and the world’s leading brands will market you a “status” or a “solution”, not a “product”.

This method, which we call “status marketing,” is a marketing strategy that aims to take advantage of people’s penchant for purchasing status symbols. From the smart device you buy to the sneakers you buy, the bag you carry to the car you get in, the hotel you stay at to the restaurant you eat at, you are marketed to “status” and “solutions”. For this reason, we pay a high price to indulge our love of “status,” which leads us to buy a fortune worth of smart devices to replace the previous, still-functioning model.

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‘Branded’ cities

Considering the fact that you are buying “status” instead of “products”, buying things from “branded” cities of the world like Paris, Milan, Istanbul, New York, London, Barcelona, ​​Dubai or Singapore is now different. Meaning and value differently than buying from a store in your own country. For this reason, Eurasians, as well as shoppers from the Balkans, Caucasus, Central Asia, the Middle East and the Gulf, prefer to shop in Istanbul, and Asians prefer to shop in European cities, particularly Paris, London and Milan. Global brands are also aware of the fact that the entire shopping process, from packaging to store bags, is actually status marketing. They make all their designs, store decorations, shopping bags and packages accordingly. As the world has just entered a new year, it is possible to see it closely in all the media around you.

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The 21st century is where companies have succeeded in establishing a service network on a global scale and now aim to sell you a status rather than a product.  (Shutterstock photo)

The 21st century is where companies have succeeded in establishing a service network on a global scale and now aim to sell you a status rather than a product. (Shutterstock photo)

While the world’s leading brands will face difficulties in 2020 and 2021 due to the COVID-19 pandemic, restrictions and restrictive measures, by the end of 2022, luxury consumption spending in particular is expected to reach 1.4 trillion euros ($1.5 trillion). 21% increase over last year. Meanwhile, a strong trend towards luxury consumer products, goods and services (high-end travel) is expected to continue to grow until 2030, with consumption in developing countries, especially China, increasing significantly. The middle class is growing.

Generations Z and Alpha are the main generations that the world’s leading brands are having trouble understanding. If the new generation’s opinion on the concept of “luxury” is significantly different, if the new generations prefer to live a more “minimalist” life, or if the interest in luxury products and “status” decreases, the world’s leading brands will have a very difficult time. But sports brands will be a lucky sector as the new generation is keenly interested in sports and sports-based smart devices.

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