The rise in experience shopping and the reduction in consumerism is at the heart of fashion trends in 2024. There are many issues for this mostly down to the rise in cost of living and the reduction in wages. Leading consumers to be poorer than they were ten years ago.
Inflation and cost of living has become an issue with the consumer base, in the UK alone inflation is rising at 3.4% with the biggest costs being housing and food. As wages are rising by an expected 4.7% (financial times: UK wage growth expectations fall) in the UK.
This low rise in wages with high living costs will lead to consumers being forced to re-prioritise. For companies to combat this an effort must be made to focus on products having a timeless feel. Imagine something you could buy today and still use months down the line.
This leads to my next point, consumers in the US and UK are no longer following a high level of consumerism leading to the rise of experience shopping rather than shopping for trends. Whether born out of necessity or growing tired of the trend cycle getting ever so smaller with the emergence of tiktok and social media.
Companies will find it challenging to gain consumers for the big-ticket items as the lure of the brand is overtaken by the illusion of quality. This is shown by the growth of the quiet luxury trend. This will impact companies ability to rely branding alone there will need to be an element of quality and experience to the consumers buying processes.
The movement against a fast trend cycle and holding branding at the centre piece of the buying experience. This will give rise to consumers buying with an idea in mind irrespective of the seasons, but pushing for a more seasonless outlook the company can focus on the price and quality of the item.
Companies, to stay relevant will need to focus on providing the consumer an experience with a focus on quality at all levels of the product life cycle. With the increase in cost of living and reduction in wages means it will take more then trends for consumers to buy in to your messaging.
If you are looking to pivot your organisation to focus on quality of your operations and your product. In order to create an experience for the consumer get in contact and we create a roadmap.