Entering the (Inflated) Expectation Economy (Editorial Blog)

Trendwatching.com's latest newsletter hit my desktop today. It delivered the news that we are now entering what its authors call the "Expectation Economy," a consumer mindset that they're seeing in "mature (and rapidly maturing) consumer societies." Here's how they define it:

The EXPECTATION ECONOMY is an economy inhabited by experienced, well-informed consumers from Canada to South Korea who have a long list of high expectations that they apply to each and every good, service and experience on offer.

"Their expectations are based on years of self-training in hyperconsumerism, and on the biblical flood of new-style, readily available information sources, curators and BS filters. Which all help them track down and expect not just basic standards of quality, but the 'best of the best'."

Reading the report, I wondered how people knew something was the "best of the best." Yes, word-of-mouth is effective and influential. I do recognize that. But if you haven't actually experienced (or purchased) something yourself, all you're doing is taking someone's word that a product or brand encompasses everything that would make something the best of the best to you. It seems to me to be a mindset at odds with customization and individuality.

Then there's the fact that expectations have always been part of human behavior. The change is that we are now in what I would call an Inflated Expectation Economy. People expect great products at low, low prices and then are upset when they fall apart. Everyone thinks that they should have big salaries, corner offices and lots of holidays. Marketers make grandiose claims for products (anti-aging? age-defying?) that we buy in to continuously with the expectation that they will work. We expect to have great social services and tax cuts!! Expectation inflation is rampant. If you don't believe me, just try getting through the day without having one big expectation of another person, or a product, or whatever. It's pretty difficult.

What would actually be new would be a shift to a "Realistic Expectation Economy." But, I doubt that will happen any time soon.