The Latest Retail & Consumer Trends
Synchrony Financial is a trusted consumer financial services provider with over 80 years under their belt. They’ve just released The Synchrony Trend Spotter – The Latest in Retail and Consumer Marketing; the report outlines the things that consumers value most, and it highlights how retailers can best respond to those consumer priorities.
Synchrony Financial tracked the patterns that currently define retail and mobile platforms. These are the five most important trends they found:
1.) The content marketing of “feeling” as well as products. Over 40% of consumers cite wanting to shop at stores that share their values. It’s no longer enough to simply carry the product, instead retailers must promote the lifestyle that their target market is living as well. (Think TOMS – the online shoe retailer that matches every product sold by giving one to a person in need.)
2.) The popularity of athleisure wear. Their survey found that 80% of respondents have worn athleisure clothing for occasions other than working out, and 69% say they’re replacing denim classics with athleisure at least once a week. It’s a category that retailers in the fashion industry would do well to pay attention to.
3.) Free shipping is no longer enough of a bonus for online shopping. Instead, retailers are consistently feeling the demand to provide novelty services such as same-day delivery, try-on services, and gourmet cooking kits. Instant gratification is the name of the game.
4.) Affordable fashion for all. Mass merchants are partnering with high-end brands to bring quality clothing to people from multiple financial brackets. The report reads, “This trend moves up and down the income scale—affluent customers gravitate toward the treasure hunt thrill of low-cost retailers (e.g., H&M, TJX), and lower-income customers are attracted to the low-cost ticket size with high-end brand names.”
5.) Rented and used clothing is in. Almost one-quarter of consumers surveyed said they had rented clothing, while over one-third found the idea appealing. The concept of multiple channels is no longer just applicable to the way that consumers are paying for products. Also on that note: About 40% have used a mobile wallet.
If retailers, small and large alike, are to gain from Synchrony Financial’s research, the benefits are far-ranging. The traditional methods of shipping, buying, and even wearing clothing are being transformed. There are many ways in which retailers can re-vamp their methods to suit the modern consumer.
No matter how you sell your products, S. Walter Packaging can help make sure your items go home with or are shipped with quality, branded packaging. Contact us today so that we can help your image reach today’s consumer.