Philosophy

Economic

1. General slowdown of global economic growth

2. The old new money becomes the new old money, embracing coded language in inner circles

3. The middle class loses hope on upward social mobility, and build identities with non-financial things instead

Technological

1. The mobile internet revolution brought unprecedented connectivity to the world, creating a single global ladder for status for everyone

2. After the years, people are now tired of this game that leaves 99% feeling worse off, and choose to find belongings in smaller circles

Socio-political

1. World is moving away from Pax Americana into multipolarity

2. Living in a postmodern world, there is no longer a single global narrative

3. Diversity and personality over universal value and teleology