This year, like any year, consumers wanted what they have always wanted: engaging experiences, good prices, and interesting products and services. We’ve started to buy again, but this time around we are taking a moment to consider− and that moment is when retailers and consumers really get to know each other.
While technically the recession is over, there are many still feeling the aftermath. In the "New Normal" consumers in general are being more cautious with their money, but things are loosening up in particular consumer segments and product categories. There is pent up demand: from a practical and pragmatic perspective, household spending on things like minor repairs, updates and clothing is starting to happen again. From a more emotional side, consumers are meeting their pent up desire for fresh, new things by being creative with their money and demanding more meaningful experiences from those transactions. This can take the form of using a Groupon discount for a manicure or cashing in loyalty points from their credit card or airline for a new camera or MP3 player.
In the coming year, consumers will regularly use their social networks to consider friends’ thoughts and opinions as they buy. Local retailers will become more important as big retailers work harder to “localize” their stores and assortments. Look for fun to return to store shelves and dining tables as the gray clouds dissipate.
Have a happy and prosperous New Year!
Originally published: Retail 2010: The Year in Review | The Metropreneur Columbus http://bit.ly/f2LPuA
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