We are at a critical but interesting point in marketing: the rise of the Aspiration Economy. We are living through a fascinating transformation in how desires are created, marketed and satisfied. Marketing has reached a juncture where it’s not just about selling products anymore — it’s fundamentally about selling stories, identities and entire lifestyles.
The Aspiration Economy is fundamentally an economic framework where consumer behavior is driven primarily by aspirations rather than just basic needs or material desires. These aspirations often go beyond functional value and tap into deeper psychological, social or emotional needs, such as belonging, status, self-expression and personal growth. It’s like someone else choosing what you want— and it’s picking up pace!
Exploring the shift in consumer behavior
The aspiration economy reflects the colossal but largely silent shift of modern-age consumers from “what they need” to “who they want to become.” And they chiefly owe all this to the rampant increase in technology and adoption of smartphones. If it was not for this “Have you ever wondered why you suddenly want something you didn’t even know existed a moment ago?” Or, “Did you even wonder why you spent fortunes buying that exorbitantly priced iPhone even when there was no latent or obvious need?”
The answer lies in the mimetic behavior of today’s consumers, and social media platforms are the force behind it. Platforms like Instagram, Facebook, etc., appear no less than amplification engines — ones that invoke in consumers mimetic desires. Perhaps this is why we see consumers today going for products they feel will bring them respect or a sense of prestige.
The influence of social media and smart marketing
I have a somewhat cynical view of social media platforms — ones that are deeply and covertly rogue. And it’s not accidental; it’s by design. They are not merely communication channels, but sophisticated desire-generating machines.
Let’s consider the social media influencer phenomenon. When a fitness influencer displays a protein supplement, they’re selling more than nutrition only if one can look through it; they’re offering a narrative of potential self-improvement, social status and belonging, which is where and why the theory of mimetic behavior comes into play.
As if social media weren’t enough, brands around the world are hellbent on putting all their efforts into marketing, which says a lot more than what is actually shown. Think about that for a second.
Brands aren’t just selling products anymore. They’re selling the idea that their products endorse. Nike’s swoosh for that matter, isn’t just a logo — it’s an invitation to a global tribe of achievers. Apple’s iPhone or MacBook are not just products but they are a compelling narrative of sleek design, personal empowerment and technological sophistication. When consumers buy it, they’re purchasing an identity — a statement of being sophisticated, forward-thinking and somewhat affluent.
What we’re witnessing is a fundamental shift. Purchases are a form of performance art. A product is no longer just a utility, but a public declaration of who you are — or who you want to be.
Modern consumers no longer just buy a pair of sneakers; they mostly buy into the ethos of self-expression or athletic ambition embodied by the brand as is the case with any other luxury product.
Consider a brand like Patagonia. They don’t just sell jackets. They’re selling a rattling narrative of environmental consciousness, of being part of something larger than yourself; which hits hard, really hard. And with it comes the realization that consumers are not just buying products or objects, but stories.
AI is in the race too … and galloping!
AI’s near-immaculate ability to grasp user behavior through extensive algorithms and intelligent NLP mechanism has pushed modern consumers against the wall of their aspirations with their hands up.
What’s vexing is that machine learning algorithms analyze millions of interactions, tracking not just what people buy but sensing what they longingly observe, like and share. These algorithms have become incredibly adept at understanding and predicting collective desires even before individuals themselves are consciously aware of them, thereby unwittingly playing into the hands of technology.
As AI algorithms become more sophisticated, critical questions emerge.
- How much of a buying control is the modern-day customer in?
- What percentage of purchases satisfy actual needs, and not the mimetic ones?
- How do we prevent the weaponization of desire?
- What are the psychological implications of being constantly surrounded by algorithmically curated aspirational content?
Legitimate concerns
The mimetic desires of consumers and the aspiration economy have certain concerns to address.
- Marketers may continue to use marketing ploys to target the most vulnerable sections of the cohort, which is perhaps bad and unethical.
- It may instill in people too many material desires, for the fulfillment of which they will go to any lengths.
- If you imitate and chase others’ lifestyles, it is the perfect recipe for getting stressed and worn out which can further have serious personal and social consequences.
- The constant exposure to idealized lifestyles can lead to feelings of inadequacy and low self-esteem in individuals.
- Another major worry is from the influence of social media trends (read constant exposure and peer pressure) to the allure of exclusivity in luxury goods.
Wrapping up
Today, we’ve reached a point where a chunk of customers are getting debt-ridden to the extent of going bankrupt to flaunt products they never really needed. We don’t know where such mimetic desires are going to stop but as commerce becomes quicker and brands continue to launch a marketing blitzkrieg, it’s important that consumers hold their horses while making purchases.
The mimetic maze of modern consumption can drain them in and out in no time. Critical awareness can save them some bucks and foster a more mindful approach to consumption.
Opinions expressed by SmartBrief contributors are their own.
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