In the final episode, professor of psychology Sheldon Solomon, Depop’s head of sustainability Justine Porterie, The Fabricant’s head of content and strategy Michaela Larosse and Chloé's chief sustainability officer Aude Vergne join retail futurist Doug Stephens to explore how evolving consumer preferences are shaping purchasing decisions.
In this final episode of Retail Reborn, we explore the future consumer’s preferences and needs, and how this is shaping their purchasing decisions, from the V-shaped recovery of the personal luxury goods industry in 2021 to the renewed verve in, and take on, the experiential economy as the world reopened post-global lockdowns.
“It’s worthwhile to question the extent to which some of the changes we are witnessing are truly indicative of longer-term shifts in behaviour, or an almost primally motivated response to the profound medical threat of the pandemic, not to mention the social, political and economic unrest that it has unleashed,” says podcast host and retail futurist Doug Stephens.
The conversation examines human behaviour and the effects the pandemic might have played in the mindsets of young consumers, before discussing evolving attitudes towards ownership, the rise of responsible goods and sustainability in a luxury fashion house and the resale market — an industry expected to nearly triple by 2025.
Finally, we explore virtual technology’s presence in consumption preferences, from the evolution of sampling processes to the increased interest in digital products. Indeed, the metaverse is projected to provide a $50 billion revenue opportunity for luxury by 2030, according to Morgan Stanley, and the first Metaverse Virtual Fashion Week took place last month.
To break down what consumers will buy, four global experts share their insights and expertise with host Doug Stephens.
Listen to all episodes of Retail Reborn Season 2 on the BoF Podcast, to discover actionable insights into the opportunities and challenges the consumer of tomorrow will bring.
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