What is premium mediocre - the illusion of luxury?

November is synonymous with Black Friday, great deals but what cost? Over consumption is endangering our already fragile planet. Is it time to change our ways? This week Do You Really Know is highlighting concepts and initiatives about reducing our consumption. You might not be able to afford a Balenciaga coat, a Prada bag or a Chanel suit, but you could probably stretch to a branded baseball cap, pair of socks or some other small accessory. According to blogger Venkatesh Rao this is the definition of ‘premium mediocre’ a term he came up with to describe the illusion of luxury without the price tag. Is premium mediocre just for fashion? What is the problem with premium mediocre? Why do people purchase premium mediocre products? In under 3 minutes, we answer your questions! To listen to the latest episodes, click here: What is Gross National Happiness, a potential alternative to GDP? Why are my ears ringing? Why is Elon Musk's Twitter takeover causing concern? A Bababam Originals podcast, written and produced by Amber Minogue. In partnership with upday UK. Learn more about your ad choices. Visit megaphone.fm/adchoices