Retail Trends: Shoppers Want Experiences, Not Just Stuff!

There’s a shift happening in the hearts and minds of shoppers across the country. Instead of finding new and improved things to buy, they’re seeking out new experiences to remember.

While retailers from Urban Outfitters to Macy’s and Bed, Bath and Beyond saw slumping Holiday sales after a tough 2015, 2015 was also the year that air travel saw record high sales coupled with record low ticket prices and the restaurant industry grew by 8%. Experiential shopping like dining out, vacations, pampering, and classes are all on the rise. And it’s not just because of millennials (although millennials are leading the charge, with 54% reporting they purchased experience-based gifts this holiday) – retailers who serve diverse age demographics are all reporting that the trend towards buying experiences is hurting their bottom line. And this trend is set to accelerate with the restaurant industry and travel industries set to increase by 27% by 2019.

So what are larger retailers doing to counteract this trend and what can small businesses learn from these retail giants?

Get Creative.

There a few major retailers who have found ways to cater to experience seeking shoppers. Fitness and yoga apparel giant Lululemon has begun offering a concierge service that will help their shoppers book fitness classes and plan their ideal running routes. By encouraging the fitness habits of their shoppers, they’ll be driving up demand for their products as well as offering their shoppers an experience that they wouldn’t otherwise have access to.

Nordstrom has also begun shifting their focus to the experience seeking shopper by offering counters in their shoe departments where shoppers can go to get their shoes customized. They have different fabric options, heel heights and different design samples that interested shoppers can choose from to give their footwear a haute-couture feel.

These are great examples of how to bring a unique experience into your retail store that reinforces your products and value to your customers at the same time. It’s no longer enough to just offer amazing products, you also have to add a healthy dose of creativity in your shopping experience in order to cater to the new demands of your customer base.

While the retail industry may be going through some growing pains and you may see low sales numbers in the news, there’s no reason to fear the future. Changing demands and priorities for your shoppers mean new opportunities to fill those needs and become an even more important part of your customer’s lives.

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