Explaining the rise of fake luxury from @the.ryanexperience
The creator explains the concept of 'premium mediocre' in the hospitality industry, where prices are high but the experience is poor. He introduces the marketing term 'Masstige' (mass prestige), explaining how it was originally for affordable luxury products but has been co-opted by hospitality to mean luxury pricing with mid-tier operations. He then defines what true luxury should be (emotional, technical, functional, high-trust, better quality) and concludes that the line between upscale and luxury is blurring, making true luxury increasingly rare.
Creator: @the.ryanexperience on Instagram
Transcript
Everything is more expensive nowadays. Hotels, bars, restaurants. But somehow the experience is getting worse. We are currently living through the era of premium mediocre, where high prices don't guarantee great service and a great experience. So what the heck happened? What happened is that brands figured out a concept called, Best. This term coined by Michael Silverstein in the nineties was supposed to mean best at scale. The concept used by luxury product brands to offer a more affordable opt
Topics: Restaurant, Business, Marketing, Brand Strategy