Four Consumers Expectations For 2020 And Beyond
Updated: May 14, 2020
End of Ownership
The lifespan of the fashion product is becoming more elastic as pre-owned, refurbished, repair and retail business models continue to evolve. Fashion players will increasingly tap into this market to gain access to new consumers seeking both affordability and a move away from the permanent ownership of clothing. Noting new power players like The Real Real, Thred-Up, and Urban Outfitters Nuuly.
Younger generations’ passion for social and environmental causes has reached critical mass, causing brands to become more fundamentally purpose-driven to attract both consumers and talent. Consumers from some, but not all markets will reward players that take a strong stance on social and environmental issues beyond traditional CSR. Brands like All-Birds and Drunk Elephant are front runners in this space.
After years of having personal data owned and handled by businesses, a more distrusting consumer now expects companies to reciprocate with radical transparency and sharing of information. For companies to meet a new bar for consumer trust they will need to offer a heightened level of transparency along dimensions such as value for money, creative integrity, and data protection. Key brand player Everlane.
Explosion of Small
Consumers are increasingly drawn to small brands with compelling and authentic narratives. In order to keep pace, larger companies must learn how to think small and either create their own new brands or acquire disruptive DTC brands. With VC dollars at the ready, funding is enabling the growth of challenger brands and is expected to continue through 2021.
More related articles: Farfetch's next move? testing the resale market, Retail at risk: analysts cite resale revolution, Retail at risk: analysts cite resale revolution, Retail's latest disruptor: the resale industry.
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