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

Riding the Investment Roller Coaster

Riding the Investment Roller Coaster

In this episode, we will be discussing an article published on March 16th in the Economist Magazine, titled "Is the global investment boom turning to bust?" https://open.spotify.com/episode/0WlmLAp3h3Bj05sDCijt9M?si=c93465499b054af7 The article describes how companies...

China’s Population Drop | English Lesson

China’s Population Drop | English Lesson

Last week's podcast covered the controversy surrounding the French government's plan to raise the statutory retirement age. In today’s vocabulary lesson, we will discuss the challenges that China is facing due to its shrinking population. In a recent article published...

The Battle Over Retirement Age in France | English Lesson

The Battle Over Retirement Age in France | English Lesson

Today, we are going to talk about retirement age. Listen to this headline, published on February 11, 2023: France braces for protests as Macron pushes forward with pension reform. Again: France braces for protests as Macron pushes forward with pension reform....

Hedging Bets with Nearshoring | English Lesson

Hedging Bets with Nearshoring | English Lesson

Today, we'll be discussing the trend of companies transferring their operations to nearby countries, because of geopolitical reasons, or because of recent disruptions in the global supply chain, like the shipping container crisis, and problems posed by Covid. For...

CBDC, Stablecoins, DeFi and Web3 | English Lesson

CBDC, Stablecoins, DeFi and Web3 | English Lesson

Hello, friends from all over the world. Welcome to the English for Economists podcast.  This is podcast number 63. I am Alan Robert and I am very happy that you joined me today. Thank you for your support. It’s January 24th, 2023, and today our topic deals with...

ChatGPT and AI | English Lesson

ChatGPT and AI | English Lesson

In this English lesson, we will look at words related to artificial intelligence and chatbots. A company called OpenAI (and remember, AI stands for ‘artificial intelligence’) released a product called ChatGPT at the end of last November. ChatGPT allows users to ask it...

Share This