2023 is a special year, as the average missing keyword became an issue. The traditional economic and social model as we know it is changing dramatically. At the center of this shift is the concept of “mean missing. In the past, average income and consumption were at the center of economies and societies. But now, that average is losing its meaning. This is due to a combination of factors, including the rise of high interest rates and growing economic polarization.
The collapse of the mean and why
The concept of a “normal distribution” is no longer valid. As Prof. Kim says, 2023 is a time when the economic gap between the upper and lower classes is widening, and people’s tastes are becoming more diverse. This means that traditional average consumption patterns, lifestyles, and opinions no longer represent the masses. It’s not just an economic issue, it’s a social and cultural phenomenon.
Increased polarization and diversity
The “disappearing average” reflects the growing diversity of individual tastes and preferences along with economic polarization. This means the loss of “typicality” in the marketplace. For example, consumers are no longer satisfied with mass-market products and have begun to seek out products that cater to their unique tastes and needs. This is a new phenomenon called “N-polarization,” which means that the traditional market “average” is no longer valid.
The importance of individualization and differentiation
In the face of these changes, businesses and marketers need to find new strategies. Strategies that rely on “averages” are no longer effective. Instead, each company and brand must create their own unique value, set clear targets, and offer products and services that meet their needs and tastes. This is a necessary strategy because each consumer has unique tastes and needs. Differentiated products and services are now a necessity.
The impact of Gen MZ
Gen MZ is at the center of this shift. This generation has different consumption patterns than previous generations, with a tendency toward “hyper-personality” or hyper-personalized consumption. They value their own unique tastes and preferences over what’s popular, which is leading to the scarcity of traditional popular products. These consumer trends of Gen MZ are having a huge impact on the market, and the values and experiences they seek have become important for companies to pay attention to.
The dawn of a new era
In 2023, the age of average disappearance is bringing new challenges and opportunities for businesses and individuals alike. It’s not just an economic shift, it’s a social and cultural shift. It’s important to be proactive in responding to these changes. Each company and brand should aim to provide their own unique value and experience, which has become an essential condition for long-term success.
