Written by Eileen McClelland Thursday, 11 March 2010 23:46
LAS VEGAS --- March 11, 2010 -- The American shopper is saying, "Less is more and it's OK."
Wendy Liebmann, CEO of WSL Strategic Retail (and chief shopper), previewed results of the 2010 edition of How America Shops Mega Trends study during GlobalShop 2010. American shoppers, she says, have become almost European in their attitudes, a shift not likely to change anytime soon.
A few results from surveys of female shoppers:
63 percent say they've grown used to buying less.
17 percent say they will go back to spending more as soon as they can -- they miss buying things.
20 percent have the money to shop now, but say they don't feel comfortable spending it.
Seven out of 10 say it's important to get the best price on most things they buy.
Liebmann and her associates have devised a few shopping personality profiles to illustrate the current state of retail:
"Miserable Mona" continues to feel the effects of the Great Recession and sticks to discount stores; she doesn't want to be tempted by anything she doesn't need.
"Shop A Lot Sue" continues to comparison shop, looking for good deals.
"I'll Pass Patty" may have the money but can't muster much interest.
"Bubble Barbie" is maxed out but keeps on shopping.
"Chic Chic Charlotte" is doing quite well, but still shopping cautiously, concerned perhaps about political correctness.
So what's a retailer to do to adapt to the attitudes of these characters and their male counterparts? "We have to romance the stores to levels we have never done before," Liebmann says. "Be bold or fail. Incremental change doesn't work anymore."
Restate the worth of your brand. Explain why they need it and validate why it's worth it. Keep telling stories about the product. 64 percent of consumers agree with the statement, "Before I buy something, I stop to ask myself, is this a smart use of my money?" If the experience and the story behind the product doesn't convince them of that, they are out of there.
Another indicator of how Americans are craving positive experiences and relaxation: Consumers say if they had discretionary money to spend right now, they'd 1. Go out to dinner. 2. Go on vacation. 3. Go to a spa.
As far as visual merchandising -- Use more color. Be a bright spot in their lives.
written by Eileen@instore, March 12, 2010
Several speakers at GlobalShop cited the Barbie brand store in Shanghai as a great example of emphasizing the experience of shopping. It's got a spa and a cafe and a fashion runway. Another trend with the Barbie store and one that is particularly relevant to jewelers, is the emphasis on custom design. Shoppers can choose outfits and hair color and other details, and have their doll custom-outfitted in 20 minutes. That also addresses a need for immediacy increasingly expected by smart-phone users.
Limited-edition pieces also motivate shoppers, Liebmann said. Disney and Dooney & Bourke collaborated on a limited-edition purse that greatly appealed to Disney vacationers, at a time when most people on vacation are not buying souvenirs beyond keychains or refrigerator magnets. "People will spend if you give them something different," and something that won't be available forever.
Another interesting result from the survey is that people are spending money right now on fresh produce ---- and on their pets, no matter what else they've had to cut back on. Jeweled collars, anyone?
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"Another indicator of how Americans are craving positive experiences and relaxation: Consumers say if they had discretionary money to spend right now, they'd 1. Go out to dinner. 2. Go on vacation. 3. Go to a spa."
Could jewelers start recreating the shopping experience to incorporate some of the experiential elements of going out for a fine meal or going to a spa? Make it less about shopping and more about feeling good.