Uppers + Downers

UPPERS

1. It’s no secret that times are tough for a lot of people right now, but the human urge to care and share will not be priced out of existence, evidenced by the booming Buy Nothing “industry”, which achieved mainstream recognition during the pandemic. Previously hosted on bare bones forum websites frequented by eco-conscious punks and hippies (who we really should have listened to), the pandemic saw the ethos of small non-profits like FreeCycle burst out into thriving, self-sustaining Facebook communities with everything from rare antique furniture to broken can openers being gifted between neighbors as a way to save money and prevent more stuff ending up in landfill. Need brand new baby clothes and a bag of mysterious beans but don’t feel flush enough to part with your cash? Your local Buy Nothing group is but a click away.
2. Similarly, a shift is being noted away from the rapacious monetization of the so-called sharing economy to a rather more heartwarming version where people can actually…y’know, share stuff. Revolutionary! Initiatives like the Chicago Tool Library are popping up all over the place and allowing anyone to borrow something they don’t need regular access to. This saves money, space, and the shame of knowing the embarrassingly expensive nail gun with 800 different attachments that was only needed for one quick DIY project is now going to be sitting in your utility closet for all eternity inciting guilt about all the other projects you’ll never do. No? Just us?
3. Big brands are starting to openly recognize the value of not distancing themselves from affordability. Like the Target CEO who has recently been leaning more into the organically-developed brand identity of cheap and cheerful everyday luxury (that’s “tarjay” to you and me). When retailers listen to their customers and meet them where they’re at financially, instead of insisting on a one-size-fits-all premium brand image, everyone wins.
4. Telfar, the brand whose tagline is “not for you, for everyone”, clearly knows this already. Their recent innovation around price modeling will make their in-demand designer bags accessible to countless more customers, proving it’s possible for luxury brands to scale while remaining inclusive. #getthatbag (literally) 
5. A supreme court ruling recently determined that the student athletes who rake in jaw-dropping amounts of cash during events like March Madness are now allowed to be paid (hands up if it’s pretty horrifying to you that they weren’t before?!) For some this means an opportunity to make life changing amounts of money after years of being exploited by broadcasters, universities, and corporate sponsors. Kids getting their due! We love to see it. 

DOWNERS

1. Business is booming, if you’re in the inequality biz that is. The gap between the 1 percent and the rest of us is widening exponentially, and with it the likelihood of an increasing health gap as bespoke COVID services get more in demand. While most people struggle to avoid the virus and make do with at home tests, the wealthiest Americans are taking private helicopters to elite concierge doctors who welcome them with open wallets, sorry we mean arms. 
2. Increasingly it’s becoming obvious that economic insecurity doesn’t always look the way we expect it to, which means that many people are falling between the cracks of what “counts” as poverty or what makes them eligible for desperately-needed federal aid. In fact, a deep dive into the reality of tax breaks in the US shows that much more is being done to subsidize affluence than alleviate poverty. 
3. How do you personally cope with rising inflation rates, stagnating wages, and seeing the little red downwards-pointing triangle in all of your retirement accounts? Well for many people in the last year the answer was: with retail therapy of course! American consumers apparently cannot stop shopping, but all signs point to that unstoppable force meeting the immovable object of household debt pretty soon, so something is gonna have to give. The question is: who will duck first, retailers or consumers?
4. With each passing year a new micro-generation of graduates learns what it feels like to throw debilitating amounts of money at student loan payments while observing the balance barely dip due to interest. Many are taking to Tiktok in order to cope with the shock and stress the only way they know how, with astute irony and battle-worn apathy of course! But others are using the indiscriminate algorithm as an opportunity to give inexpert financial advice, which exploits youthful financial naivety and risks causing even more harm. 
5. Speaking of the young ones: home ownership is feeling so out of reach for most Gen Z-ers right now, they’re saving up to buy Birkins instead of houses. While you can hardly begrudge a little instant gratification for the generation who have been told since birth that the planet will be a fireball in their lifetime, there’s something about that sense of hopelessness being channeled into conspicuous consumption that makes us long for a more sustainable solution to the housing crisis. Maybe they should look into getting a Telfar instead…

-Sophie Peck