In my last blog in this series, I explained why during times of uncertainty people chose to spend time together doing things that don’t cost money. When they do buy products they will be items that enhance whatever it is they are doing together…
A good example of this is games and jigsaws which are seeing a significant increase in sales at the moment with many new products being launched to appeal to new emerging markets and consumers who would not have bought these previously. We want to laugh and have fun and what better way to do it than play games!
One area where we are reluctant to scrimp is occasions linked to children, as we want to protect them from any concerns we have about money. If your business is linked to children and occasions, think about how you can enhance your range and offer even better value for money to your customers. (You can read more about this opportunity here>)
We also know that keeping pets can be very calming and gives great companionship to those who may live on their own. There has been a massive increase in products relating to pets, which started with clothes and fashion accessories but has moved on into pet party items, dog drinks and ice cream! The list goes on… The point being that they can be as important as, and for some a replacement for, family and friends and so a real focus of attention for many. Consider this when thinking about products that might sell well for you.
Sport is another factor that influences buying habits but it will often be short lived and focus on food, alcohol and sports kit. That said, last year saw an unexpected effect on fashion too when M&S saw mega sales of mens’ waistcoats after Gareth Southgate wore them during the football world cup! So tying your stock into sporting events could be an option for you, just be mindful of featuring short runs that could potentially be repurposed.
Tune into my blog next week to read all about another trend that presents a great opportunity for retailers and is unlikely to go out of fashion any time soon – Health & Wellness.