Read the lesson in English  
then translate to your own language to verify your understanding.

‘Premiumization’ and ‘Gentrification’

Mar 7, 2023

In this episode, we will be discussing an article recently published in The New York Times titled “Is the Entire Economy Gentrifying?” Listen again: Is the Entire Economy Gentrifying?”

While gentrification (gentrifying) is often used in the context of richer people displacing poorer people in urban neighborhoods, it can also occur within the economy, where people with lower incomes are priced out of certain goods and services. So, the headline asks the question: “Is the Entire Economy Gentrifying?”

The sub-title gives us more information and introduces us to another two words. Listen to the sub-title:

Companies are trying to maintain fat profits as the economy changes, making “premiumization” their new favorite buzzword.

So,this article is referring to a trend in which companies focus on selling higher-priced, premium versions of their products and services to higher-income customers who are willing and able to pay more.

Listen again to the sub-title:

Companies are trying to maintain fat profits as the economy changes, making “premiumization” their new favorite buzzword.

While the concept of offering premium products is not new, the use of the term “premiumization” to describe this trend is relatively recent. Premiumization.

So, the sub-heading stated that ‘premiumization’ was a new favorite ‘buzzword’. And what is a buzzword? A buzzword is considered to be a modern, and trendy word. So, everyone is talking about ‘premiumization’.  That’s a new “buzzword”.

Listen to the title and sub-title one last time:

“Is the Entire Economy Gentrifying?”

Companies are trying to maintain fat profits as the economy changes, making “premiumization” their new favorite buzzword.

Here is an idiomatic expression you might use to discuss this issue: “A double-edged sword”. We could use that expression because while gentrification can lead to higher investment and higher profits, it can also mean higher prices, making goods and services difficult for poor people to acquire. So, there are pros and cons to gentrification. It is a “double-edged sword”.

Vocabulary:

• Gentrification: the process of making a place or service more affluent or middle-class, often resulting in the displacement of lower-income residents.

• Premiumization: a trend where companies encourage customers to purchase more expensive and upscale versions of their products and services.

• Buzzword: a trendy or fashionable word or phrase.

And of course, the expression “a double-edged sword”.

You might also want to check out a somewhat related English lesson I did last year on the topic of universal basic income.

Thank you for listening to “English for Economists”. If you’re interested in taking private online classes with me, please visit my website, Englishforeconomists.com, for more information. Take care, and I’ll be back soon with another lesson.

——————————————————————————————————————————————

Photo credit: freestocks in Unsplash

Article: https://www.nytimes.com/2023/03/04/business/economy/premium-prices-inflation.html

 

Join Our Podcast Club

You Can Also Subscribe to Our Podcast On These Platforms:

Follow us on spotify
Apple Podcast

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Latest Podcasts

Debt Ceilings and ‘A Stitch in Time Saves Nine’

Debt Ceilings and ‘A Stitch in Time Saves Nine’

Last week, we looked at how investors were reacting to fears that the US government would reach its legally allowed spending limit, leading to spending cuts and loan defaults. The vocabulary we covered was: brace, debt-ceiling, and default. Brace meant to hold on...

The Debt Ceiling Crisis

The Debt Ceiling Crisis

Today, our topic is the debt-ceiling debate currently going on in the USA. Let's dive right in! In this episode, we'll focus on three key vocabulary words: brace, debt-ceiling, and default. These words are essential for understanding the headline and sub headline...

In Its Face and Breathing Down Its Neck

In Its Face and Breathing Down Its Neck

Hello and welcome to "English for Economists," episode 72. Today, I'm going to talk about a recent article published earlier this week by the Economist Magazine, which highlights the delicate position of South Korea as it tries to balance its relationship with both...

Wonking Out: Exploring the Future of the US Dollar

Wonking Out: Exploring the Future of the US Dollar

Hello and welcome to "English for Economists," episode 71. Today we're going to talk about a recent article published by Paul Krugman in the New York Times newsletter on February 3rd. The title of the article is "Wonking Out: Is the Dollar’s Dominance Under Threat?"....

The Impact of AI on Writing

The Impact of AI on Writing

In this episode, we will be discussing a recent news story published by The New York Times on the impact of artificial intelligence on the writing industry. The headline reads "Tinkering With ChatGPT, Workers Wonder: Will This Take My Job?" Listen again: "Tinkering...

Twitter-Fueled Bank Run

Twitter-Fueled Bank Run

In this episode, I will be discussing a recent news story published by CNN Business on March 14 with the headline "SVB collapse was driven by ‘the first Twitter-fueled bank run’." Listen again: "SVB collapse was driven by ‘the first Twitter-fueled bank run’."...

Share This