Everybody knows that the retail environment has changed in the past 10 years and will keep changing at a fast pace. The boomer generation gets older, millennials are stepping in as new customers, online shopping, constantly improving technology and so on.
What’s more is that the priorities for spending are different today. According to the WSL Strategies 15th Biennial “How America Shops Mega Trends Survey”, 55% of women said their top spending priority is paying off debt, followed by saving (48%) and vacations (35%).
WSL titled the study “Buying Happiness” and concludes that American shoppers want to be more financial responsible, have a less stressful life and spend more time with the family.
Gone are the times when whole families swarmed out on the few free days per year (mainly holidays) to add more stuff to the house. Gone is the lure of buying without paying through generous financing options. Gone is the luster of “cheap”.
Today the Happiness of Buying includes the mindful choice of a product along with a positive buying experience. People prefer ecological materials that don’t cause harm for them or the environment. People feel responsible for the way their product was created. They want to know who produced the product and how was it done. Quality moves in the spotlight for a longevity, durability and aesthetics.
Happiness does not only come from concept of “less is more”, it’s also the creation of joy, positive energy and value that comes with the purchase.
Shopping must be fun and a rewarding yourself with new things that you can afford creates happiness. There is not much need for more products unless they are either completely different from the existing ones or they are improving the life of the consumer in a new way (disruptive products). The relevance of a product today depends highly on its background. What makes a product special is often the experience the customer keeps in mind when he bought the product. Every time the customer sees his product in his home he is reminded of the story that came with the product. What a happy moment!
Source: Home & Textile Today, May 6, 2016
