Five Trends In Consumer Spending
looks at trends in consumer spending doesn't disappoint. Any entrepreneurial
retailer needs to look at these trends and realize that they have to get on
board in order to continue to be successful in the future. Take a read of an
article in Forbes about the American Express Study on Five Big Trends In Consumer Spending.
The five big trends according to the survey are:
Increased Community Involvement and Group Buying - sites
like Groupon have spawned a myriad of copycats. These sites use group buying
power to activate offers from retailers. Look for a continued increase in use
of these types of sites along with social media integration.
Location-Based Shopping - Foursquare and Facebook Places are
the leaders in this category, where you check-in at different locations in
order to receive discounts, freebies and other special offers. Look for usage to continue to skyrocket
as more consumers purchase smart phones to serve as THE device of choice to
shop.
Buying Local - It started with restaurants and the slow food
movement, offering up dishes made from locally grown and produced food.
Consumer sentiment is shifting toward supporting local communities. From
The 3/50 Project to the American Express Small Business Saturday last weekend,
local retailers will continue to profit from the drive toward unique and
different retail experiences.
Product Co-Creation - Give the people what they want is the
mantra behind this trend. Sites like Threadless.com which produce t-shirts with
the most popular designs as voted on by users will continue to explode. And
what better way for retailers to sell through goods than by offering up what
your buying public is telling you they want.
Ethical companies - Consumers want to know they're helping
out however they can. And companies that support causes that match their
customers will win big. From the environment to local charities, a cause-related
retailer will connect on a whole new level with customers and substantially
increase loyalty simply by wearing their philanthropic badge on their sleeve.
So now you know five big trends for consumer spending in the
coming years. How are you going to be proactive in ensuring you're capitalizing
on the trends?
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