affordable luxury
Mundel, Huddleston, and Vodermeier. They describe affordable luxury as unnecessary items. These products include jewelry, fashion, some type of food, alcohol, and beverages, perfumes, watches, attending concerts, sports, etc.
However, the term affordable luxury refers to customer products that might be viewed as guilty pleasures; however, they are affordable. Mostly an affordable luxury is an item subsidiary with a top brand that is sold at a lower cost than what other brands are offering. The term can likewise be utilized to portray goods and services that are not basics like food, shelter, and clothing, yet that make life more lovely and pleasant.
I feel Mundel would agree with the notion of using affordable luxuries to create status differentiation. This is because of how he insists that affordable luxury should only be up to 40% more than the necessities. He talks on the top attributes of affordable luxuries being quality, status, glamour, success, and impression in society, which is true. Many tend to use affordable luxury as a show of class. You find that millennials would go for affordable luxuries such as Luis Vuitton pens and wallets just to show the\at they have a brand.
Most of them capitalize on the trading-up phenomena. They shop for cheaper goods that fall under a certain category and then spare some money to spend on other categories such as sports, coffee dates, salon, or restaurants. Many who live such a lifestyle tend to show that they have good taste and that they can afford an expensive lifestyle in society.
Millennials are the largest consumers in this generation, and 905 of their disposable income goes to affordable luxuries. The millennials spend money to signal that they are fashion conscious and that they have status in society. However, much we yearn for a democratic setting; people will still seek to have social differentiation in our social settings.