The trends and insights influencing brands and consumers alike from the month of July...
Vacation shopping and customisable product:
The exponential rise in travel is putting the accessories category in a prime position to coax back a share of consumer spending from the resilient experience economy. Demand for vacation accessories is on the rise, and the luggage and eye-wear categories are the ones to watch.
With the experience economy and consumers prioritising doing over buying retailers need to focus on integrating experiential elements into their business models.
As the demand for travel-appropriate attire grows, retailers are presented with a product focussed opportunity to tap into the experience economy.
Unique and customisable products are also becoming more and more popular. Gen Z and Millennials increasingly want products that highlight their individuality, leading to a rapid innovation in this space.
Brands looking to offer a customised product line need to be aware of the varying levels of comfort among differing consumer demographics. Millennials are more likely to struggle with a fully customisable product, meaning brands will need to partially build options that shoppers can customise.
Wellness, workouts and real-word presence:
As we enter the ‘Age of Anxiety’ more time and resources will be dedicated to happiness. Brands will need to offer their own way of speaking to consumers, putting happiness first.
Connecting on a deeper level with consumers will strengthen brand loyalty as consumers seek meaningful connections in a world that is becoming more isolated and lonely.
As the wellness trends continues there has been a spate of new fitness centres that are designed to be a central wellness hub. Building a community around fitness these brands facilitate a well-rounded wellness offer of food, exercise classes and apparel for the busy consumer.
Amid a growing social divide, empathy is emerging as a new way to educate and empower. The political tensions, anxiety and violence of modern society is fueling a demand for empathy.
The arts are rising as a safe space to practice empathy and arts and culture can bridge the gap by telling human stories. Young creatives are using AR and VR to shift perceptions and encourage empathy.
With empathy in mind, the online dating market continues to grow, but there has been a rise in platforms which encourage a real-world presence. Apps like Tinder are moving dating into a more efficient, personalised and authentic place. Many apps have launched brand activations and physical spaces to encourage people to meet in real life.
33% of consumers now select products from brands which honour the environment and their social responsibility. There is, therefore a huge opportunity for companies who display an element of transparency in their business.
With this new-found love for the environment, brands and retailers have seen a rapid growth in the outdoor market. They have stepped up sustainability efforts, experiential marketing and inclusivity. Millennial interest in seeking unique experiences corresponds with a rise in outdoor activities and innovative outdoors retailers have responded.
Branded events, community membership perks and a focus on shared values regarding climate change, conservation and sustainability have all had an effect on the way outdoor retailers have targeted their customer base.
Active, outdoor and adventure brands have proven particularly well suited to experiential marketing campaigns, as this allows existing or potential customers the opportunity to try out or actively engage with the brand and its product offering.
A pick up in eco-friendly influencers, a rising conscious creative community and sustainability advocates have made a zero-waste lifestyle more attainable for the everyday consumer.
Companies are also transitioning, as they commit to zero waste efforts. With 66% of Millennials stating that they are willing to pay more for products and services that come from companies that are committed to positive social and environmental impact, savvy brands are tapping into the desire for sustainable living.
Expanding on the emerging trend for after-care and product preservation, new campaigns are encouraging customers to care for their clothes in more eco-friendly ways.