Picture: The age of less has not arrived on Zurich Bahnhofstrasse yet.
The term ‘the age of less’ was coined by David Bossart of the Gottlieb Duttweiler Institut in Rüschlikon. Since the last stock market crash in 2001/2002 investors and business men around the world experienced five years of abundance, amazing growth and ballooning wealth. Sometimes it felt that getting rich turned into a human obsession. The current financial crisis ended this illusion. With employees fearing for jobs and companies cutting-cost, the mood has changed. Everyone feels it. People like to stay home again. And shoppers want value for money, quality. One rather buy less often but go for something that last longer. This phenomenon was already observed by retailers in Switzerland. Shoppers do not spend necessarily less yet, but they ask more questions and want something that lasts. Cheap chic is over! Maybe this will be a little revival of good old handicrafts and workmanship? Maybe the last shoemakers like Bálint from Vienna will find new clients?
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