Buy now, pay later, the rise of the outdoor US consumer and the evolution of occasionwear. That and more on today's episode.
Want to know what’s next? Listen to the show where our experts from around the globe unpack your biggest challenges. This week, WGSN’s President and CEO Carla Buzasi speaks to us from the US, which is the focus of our special episode. Hear from the friendly faces of our Insight, Interiors and Retail team.
Watch the full episode below or read on for highlights of this episode:
Q: How are payment alternatives such as buy now, pay later services affecting Gen Z’s spending behaviour in the US?
“New research in April from financial lender Affirm revealed 23% of US consumers were more likely to use a BNPL service over the next month as a result of rising prices. These services can really help consumers access the essentials or big-ticket items, but this new norm of flexible payments, paired with a financial knowledge gap, is actually sending some Gen Z spiralling into debt.”
– Cassandra Napoli, Senior Strategist, WGSN Insight
Q: How do you see the US consumer investing in their time outdoors and what markets might this impact?
“Despite supply chain challenges, front porches, patios and backyard renovations have been on the upswing with DIY solutions for both urban, suburban and rural environments. In fact, 78% of Americans have upgraded their outdoor living spaces in the past year and 91% of US consumers plan to do more updates in their backyard in 2022.”
– Angela Ringo, Senior Strategist, WGSN Interiors
Q: Now that consumers are returning to events, how has occasionwear evolved and what is the future of heels?
“Trends in that space to watch out for, things like Bridgerton-inspired looks with corsetry and bustiers, anything that taps into that Regencycore vibe. But then you also have your very subversively sexy bodycon dresses with lots of cutouts and ties and ruching. With heels, it’s really just about that mid heel height, so things that are slightly more comfortable, like the mule and the platform.”
– Sidney Morgan-Petro, Senior Retail Editor, WGSN