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Consumer 5.0

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  • Hristo Prodanov

Abstract

The article examines from historical and comparative perspective the changes in final consumption as a result of transformation of technologies used in production, distribution, exchange and consumption during the First industrial revolution, the Second industrial revolution when consumption gradually assumes a leading role in the production process and gives birth to the “mass consumer” phenomenon, and the Third industrial revolution which gives rise to the niche consumer. Today, as the Fourth industrial revolution unfolds, a targeted and personalized consumer develops. The main features of this new type of consumer, related to the phenomenon of “prosumerism”, as well as the factors that determined its emergence, are outlined, based on analysis of relevant specialized literature.

Suggested Citation

  • Hristo Prodanov, 2018. "Consumer 5.0," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 84-102.
    • Handle: RePEc:bas:econth:y:2018:i:2:p:84-102
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    More about this item

    JEL classification:

    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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