The pandemic has brought about some changes, however our key consumer trends were in the making well before COVID-19 showed up. The pandemic deepened many already present consumer sentiments, while accelerating others. We can’t overlook the impact that 12 years since the Global Financial Crisis has had on consumer sentiment. For many, the pandemic has served as an exclamation point at the end of a sentence. These trends are long term ‘attitudes’ that will influence the decision people make about career and lifestyle, as well as specific purchases. <h2 style="text-align: center;"><b>TRUST</b></h2> One of the biggest things that hinders consumers from buying both goods and services is a lack of ‘trust’. Is this product what the brand claims it is? Will they stand behind the product? Can I believe what this service provider is telling me - or are they just trying to sell me something? In a world that for that past decade has been almost single-mindedly driven by the quest to ‘monetize’ absolutely everything, these questions are increasingly valid. We have seen quality deteriorate and service evaporate. Ultimately that’s led consumers to research more and buy less. The compulsion to extensively research each and every purchase eventually ends up in decision paralysis. In the old days, the establishment of a brand name gave generations of consumers the implicit trust they needed to buy products they’d heard about but haven't tried before. It also created product loyalty. As brands cut corners and started lowering product quality, consumers noticed. Today, trust is at an all time low - and we’re seeing this reflected in consumer purchasing decisions. When you don’t have faith in the product, then the cheapest one will do. <b>Opportunity for Brands and Retailers:</b> Transparency, a focus on quality and standing behind your brand will win consumers. This is not easy and it’s not fast. But those brands who make the long term investment will increasingly win loyal customers. <h2 style="text-align: center;"><b>LOCAL</b> </h2> The interest in buying ‘local’ started with shopping at farmer’s markets or buying made-on-the-premises baked goods. When people saw the devastation that local businesses suffered, a movement started to support these businesses. While that has typically focused on restaurants, it will carry over to other small businesses as well. This, coupled with the desire for greater personalization (customer services, more unique products) is putting smaller retailers in a position to be big post-pandemic winners. Well before the pandemic we saw growing consumer boredom with mono brand stores and with the ‘sea of sameness’ that defined merchandise assortments at many large retailers. But what do you do if you’re a big brand? Well, first of all don’t try to pretend you're ‘local’. You’re not. And claiming you are will simply make you look dishonest. Instead, play to your strengths. There are categories where you can be massively competitive. Yes, more purchases will move to local retailers, but not <i>all </i>purchases. A large retailer who does its job well can find a solid place in the ‘new market’. The losers will be those who define themselves as mid tier stores but essentially operate like discounters. <b>Opportunity for Brands and Retailers:</b> If you’re a smaller brand or retailer this is your time to shine. For bigger players, leverage what you do best. That could be private label or exclusive collections. Or it could be service related. <h2 style="text-align: center;"><b>DETAILS</b></h2> Little details can go a long way to elevate a product and make it a must-buy. Years of chasing price, saw those details engineered out of products. Things ranging from unique trims to darts or extra seams that enhance fit - in the race to the bottom, nothing was spared. To win at retail we need to bring those back. The details will play a key role in making a product that appeals to customers, and as importantly, justifying a higher price point. When everything looks the same, price becomes the key differentiator. Similarly, only things that are truly unique have that ‘must-buy’ super power that makes them irresistible to consumers. Let’s not forget, most fashion purchases are impulse buys. <b>Opportunity for Brands and Retailers:</b> Details are an <i>investment</i> in your product. A little nicer trim can pay off in a big way on the selling floor. Pay keen attention to fit. If it doesn’t fit, they won’t buy it. <h2 style="text-align: center;"><b>NICHE</b></h2> For most brands, you will no longer win by trying to chase the lowest common denominator in a quest to drive sales volumes. We are now firmly in the era of the niche brand. Consumers realize that one size does not fit all. Making clothing for different body types is more than simply offering the same style but in a large waist size or shorter hem length. Indie brands have for over a decade been slowly filling in the gaps between mainstream brands and the many ‘fringe’ consumers who they don’t fit. Brands for curvy gals are designed from the sketchpad to specifically fit and flatter consumers with that body type. Petite brands understand what looks good - and what doesn’t on a smaller woman. They interpret some styles, discard others. Likewise for other body types. The migration to ‘brands that suit me’ has been slow, but it’s steady. And it’s being driven by customer satisfaction, rather than price. <b>Opportunity for Brands and Retailers:</b> Find your niche - and then work like crazy to be the best choice for that customer. <h2 style="text-align: center;"><b>LOOKING GOOD</b></h2> After a year in sweatpants, t-shirts and hoodies, people are craving something a bit more dressed up. While evening wear isn’t likely to rebound in the coming year, more dressed up casual styles will. As we make our way through the pandemic, people will be looking for ways to add newness and freshness to their lives. Clothing is an easy way to achieve that. While most people will be working from home through 2021, and socializing will remain more subdued, people will look to update and upgrade their wardrobes. It’s a matter of personal pride. <b>Opportunity for Brands and Retailers:</b> Combining a more dressed up look with a strong comfort factor will be a winning ticket. Also, we expect that vibrant colors, strong graphics and bold florals will sell well. <h2 style="text-align: center;"><b>HAPPINESS</b></h2> Remember when our stuff used to define us? That ‘it’ bag … those must-have shoes … that super cool hoodie … Influencers like Gary Vee, Lewis Howe, Simon Sinek and others are preaching a new way of looking at life. They, and others, are leading their generation to recognize that “more stuff doesn't equal greater happiness.” In fact, ‘happiness’ is now becoming the new ‘wealth’. With ‘millionaire’ status almost becoming meaningless, and even billionaires becoming commonplace, the accumulation of wealth is no longer lauded as the ultimate measure of success. Instead, it’s now working hard to be your best self. It’s less about competing against others and more about continual improvement of yourself, of your business and of your environment. <b>Opportunity for Brands and Retailers:</b> Swap out status for happiness as a core attribute of your brand or retail experience. <h2 style="text-align: center;"><b>UPCYCLING </b></h2> Part driven by the desire for greater personalization and part something to do instead of going out. Combine this with the fast growing resale trend. We’ve a surge in consumers buying second hand clothes (or taking clothing items they already own) and upcycling them into something new. The personal satisfaction and sense of achievement from expressing your skill or creativity will not be lost in the wake of the pandemic. This is here to stay. <b>Opportunity for Brands and Retailers:</b> Clothing that can be worn more than one way, with options for customization, or that allows consumers to give it their own personal touch will have a lot of appeal.