Journal of the National Research University Higher School of Economics

Many developed economies, industries and companies have to struggle with the consequences of weak economic growth, market saturation and overproduction arising out of the time frames of economic cycles. Panacea for sluggish growth is usually seen in new technologies, innovation and economic changes. Vulnerability of such a familiar approach is that it overlooks the importance and transformational impact of cultural change as an engine of economic growth. A careful look in terms of social culture on the future of innovation and economic growth provides controversial perspectives for both companies, as well as for markets and society in general. Good news: the quest for improvement and growth will continue. The bad news: the pursuit of improvements and the corresponding growth path are gradually leading us into a zone of slow progress. Consumer needs are constantly changing, and the search for increasingly sophisticated products and services is accompanied by a growing desire for quality of life, enriching individual experience and the design of personal emotional worlds. Such a shift in consumer needs should be considered in the innovation and marketing strategies.