2020 will be remembered for Covid 19 ; a year of significant pain and…
So what changes can we expect when we re-emerge from the current crisis? Changes with product, in the world of fashion/lifestyle/ consumer goods and retail? Changes in the way we work, in the product we buy.
Firstly, we have market consolidation which has been happening for some time. Fewer brands and physical retail stores. A move to having a smaller number of ‘showrooms ‘will emerge.
Localisation. If we are restricted with international travel or just feel safer closer to home, we will see a move away from globalization. Something which may be beneficial to the smaller company, be this a supplier, brand, or retailer. It could help in building stronger relationships with customers and the local community which is very positive.
E Commerce. Even greater online presence. With many more Brands offering product direct to the consumer as well as via their trusted e commerce partners. Especially so with the SME
Less money to spend.? Yes, but when we spend there could be a greater focus for investment pieces and this will apply to every sector from apparel to the art world and jewellery! Goodbye throwaway society.
Sustainability. Environmental awareness will continue to be of significant importance and will influence more of what we buy, including the lower priced mass market product. . We have seen the positive environmental changes locally and globally during the past few weeks. Significant reductions in pollution from being in lock down.
Rented product. Why buy a car if you can rent and change the model of vehicle with ease? Well as more people will continue to work from a home environment the car will be less of a requirement and perhaps more people will start cycling .
Your special occasion suit or dress and accessories? Again, rental will become more of the norm. So we could see the emergence of many more hire companies and across different sectors from garden equipment to special occasion wear.
Cashless society has arrived! Everything contact less. Covid -19 has re-enforced this need.
Recruitment. More companies will appreciate the value of online interviews and assessments and will become more comfortable with the process for board, senior and junior management . The sharing of commercial and design presentations along with the virtual coffee or lunch ! More acceptance where appropriate of employees working part of the week from a home office environment .
Our ‘New World’
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Vicki Morisetti Managing Director