Aug 01, 2021 | By WGSN Insider
Big data meets consumer insights, Experience WGSN.
Retail is in a state of flux. The pandemic has led to huge shifts in consumer behaviour which will continue into 2021. While many stores have closed, online spending now accounts for 27.3% of global overall retail sales, growing by a third over the course of the year. While hope is on the horizon in the form of vaccine rollouts, the so-called K-shaped recovery means that the consumer landscape remains complicated.
In episode 20 of our Create Tomorrow podcast our strategists discuss what this means for retailers, looking at how brands can adapt for a future where digitally facilitated shopping trips are the norm, pathways to product discovery are completely disrupted and the role of the store is under interrogation. Tune in to find out how to prepare for the omnichannel future.
“People want value for money, and to know what they are buying is durable and good quality. This is affecting all consumers, irrespective of how financially secure they might feel. It’s driving new shopping behaviours. People are using price comparison sites, apps and aggregators where you can search for an expensive product and find an item that’s considered just as effective but a fifth of the price.”
– Laura Saunter, Senior Strategist, WGSN Insight
“One of the things that you’re going to see in 2021 is that consumers do want sustainable products and brands, but it must also be affordable. And that’s one of the biggest drivers. That’s not an easy task, but our value retailers will be taking that into account, and really trying to deliver that. Sustainability at a price is definitely going to rise in the US.”
– Sidney Morgan-Petro, Head of Retail & Buying, WGSN Fashion
“People are optimistic, but they’re looking to the future in a more cautious way and wanting more value for money. Singles’ Day is a huge shopping festival in China, but these are now happening every month. People delay purchases because they want to buy during these festivals – and it’s these that are driving retail in Asia right now.”
– Athena Chen, Senior Strategist, APAC, WGSN Insight
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