America is in a period of economic UNCERTAINTY, but Americans, particularly those under 40, still retain their OPTIMISM and HOPE. Businesses and the public are paralyzed. The American consumer is hesitant to purchase goods and services in all sectors. The American long love affair with shopping is clearly on pause. Many Americans, for the first time in a long time, if ever, are struggling with living strictly on a budget and are seriously attempting to pay down their credit card balances that average over $10,000 per person.
We are over stored, over branded and over assorted. There will be fatalities. There will also be successes, as cream rises to the top, as the best brands and designers innovate and grow closer to their customer’s real needs and unmet aspirations. Those with truly new concepts, willing to invest in understanding the changing needs of the new consumer, and who possessesthe bravery to launch into the wind, can still WIN.
Our travels, while conducting research, take us to many locales where we see people still shopping and buying.
How can you and your brand be on their shopping list or impulsively spark their desire to buy? You must be the brand or the item they must buy NOW. As a designer, think short runs. Scarcity should be a strategy. The customer must buy it now –they may not have another opportunity. It is still possible to see consumers line up for limited additions. Think H&M and the much-anticipated spring ‘09 U.S. launch of Topshop. The Street Wear retail brand Reason Clothing has opened a store on New York’s Cooper Square with every item numbered as a rare lithograph along with limited addition apparel to be offered exclusively and only during their opening.
As difficult as it seems, 2009 is Not a Time of Gloom. There is a new administration, a global green movement, constant innovation in technology. Americans are resilient. Entrepreneurship, especially with the young, will grow as a career path. Those under 40 are still positive and determined to succeed. We will go through a rough year but “what does not kill you makes you stronger”. There is reason for optimism and a need for renewed energy.
-Judy Galloway is the Managing Partner of G-group
Marketing Research. Named an "It" Market Researcher by Women's Wear Daily Beauty Biz, she has taught market research at FIT and currently works with fashion, beauty and home furnishing clients specializing in her proprietary methodology of reality research. Judy can be reached at judy@g-groupmarketing.com or 212-873-1122.
Marketing Research. Named an "It" Market Researcher by Women's Wear Daily Beauty Biz, she has taught market research at FIT and currently works with fashion, beauty and home furnishing clients specializing in her proprietary methodology of reality research. Judy can be reached at judy@g-groupmarketing.com or 212-873-1122.
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