British possessions
What are the markers of success today?
BRITISH POSSESSIONS
What are the markers of success today?
BRITISH POSSESSIONS
What are the markers of success today?
A new vision: success as a lifestyle
The goalposts of success are shifting. In studies carried out in the late eighties, we identified large gaps in attainment for what are now considered everyday items: around a fifth of Britons said they did not have and could not afford a dishwasher, a CD player, a car and – perhaps less useful today – a video recorder. Decades of rising prosperity later, many of these markers are no longer salient. We find that almost six in ten have a dishwasher, compared with 14% in the early eighties. This suggests that the conventional idea of being “successful”, based on the material possessions you own, or even the experiences you have accumulated, might have been superseded. Recent indicators point to a new vision of success that is a way of life.
Attaining success in today’s world involves achieving a life balanced in a perfect equilibrium. It entails not only acquiring enough wealth to live a secure and stable existence, but also having the freedom to enjoy it. The driving force behind this contemporary notion of success is the cohort of strivers - a younger, wealthier, and more ambitious group who represent 31% of the UK population – steering this modern vision of success.
“Attaining success in today’s world... entails not only acquiring enough wealth to live a secure and stable existence, but also having the freedom to enjoy it.”
Highest ranked signifiers of success
Let us start by exploring today’s highest ranked signifiers of success. Our data showed that the possessions or attributes which most reflect success are financial. The top three spots are occupied by owning your own home (63%), leaving an inheritance (59%), or accumulating a good pension (58%).
What is clear is that today’s vision of success is not founded on achieving the nuclear family model. In fact, in the realm of social success, strivers think having a big network of connections with successful people trumps strong relationships with their family (48% compared to 41%). While being married or having a long-term partner is considered a measure of success amongst 30% of British adults, fewer still consider having children as a signifier (18% - falling to 7% among Gen Z).
“Today’s vision of success is not founded on achieving the nuclear family model... strivers think having a big network of connections with successful people trumps strong relationships with their family.”
Catering to the diverse needs of strivers and satisficers
Physical possessions which may once have been important signifiers of success rank lower. Technology like widescreen TVs, smartphones and streaming subscriptions are all at the foot of the league; instead, new must-haves are more specialised and influenced by online trends. John Lewis’s annual retail report reveals the latest trends for aspiring British possessions — pizza ovens, air fryers, fitness trackers, and coffee makers.
The younger, ambitious strivers can also be a crystal ball for the future markers of success. While we find less differentiation on what is important, the striver group unashamedly want it all, and more so. To them success entails home ownership including multiple properties - and having a job which is not only high paid (59%) but also interesting (51%). Success means having the time to pursue hobbies outside of work (51%) and having the time to holiday abroad for at least a fortnight a year (44%). The gap between this group and the overall population on what they consider a sign of success is largest on having a high-paying job, a big network of successful people, reaffirming the experiential bent this group also has towards what signifies success in the UK today.
“The younger, ambitious strivers can also be a crystal ball for the future markers of success. While we find less differentiation on what is important, the striver group unashamedly want it all, and more so.”
But it is also worth taking a second to consider the second part of the success divide in the UK today too; the 51% of us who are “satisficers.” This group are happy with what they have, even if they know things could be better and skew older, more rural and are lower income. Looking ahead, brand manufacturers need to understand the context for both sets of people. Brands should demonstrate empathy for both strivers and satisficers, and consider how the needs of both are recognised and reflected in a product or service offer, as well as the communications and activation.
References
- We British: Britain Under The MORIscope: (1990) Jacobs, Eric; Worcester, Robert M.
