How many retailers do you know that were founded and inspired by a woman who found herself crying alone with a baby stroller in a dressing room? Evereve’s husband and wife cofounders, Megan and Mike Tamte, pride themselves on being “the biggest women’s apparel retailer that you’ve never heard of.” My first reaction upon visiting the website was, it’s an off-price world right now. So how does Evereve justify charging full price on brands like Free People, Michael Stars, and Revolve? Style and Substance When I hopped on a Zoom call with …
The Retail Workforce of the Future
Millennials and Gen Z make up around half of the global workforce. Many are frontline retail workers whose jobs were impacted during the pandemic. Whether they were laid off, suffered reduced hours, or had to switch from a nonessential retail job (such as cosmetics sales) to an essential one (such as stocking shelves at an Amazon warehouse), there is nary a next-gen whose career trajectory wasn’t deeply impacted by the last year of lockdowns. Job Insecurity Slows Frontline Employee Loyalty The pandemic showed frontline retail workers the …
The Good, the Bad, and the Ugly of Purpose-Driven Retail
Purpose-driven retail is more than just a buzzword… it’s the new standard. Contrary to popular belief, purpose-driven retail and conscious capitalism are not the same thing. Conscious capitalism works to elevate humanity through every component of a business, while purpose-driven retail refers to a retail business built around an altruistic central purpose or core motivation. Have you heard the slogan “your vibe attracts you tribe?” The retail version would be, “Your purpose attracts your customers.” This isn’t theoretical: nearly …
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Will Corporate America Continue to Steer Social Policy?
Remember when retail and politics were separate entities? In the past decade, brands have been called upon to take a stance on social and environmental issues. Speaking out about incendiary policy is mainstream and no longer a role relegated to millennial-focused outdoor brands such as Patagonia and REI. The retail landscape has never been more polarized. Even Patagonia has taken a more active role in politics by openly endorsing senate candidates, lobbying for environmental issues and adding tags to clothing that say “Vote the A••holes …
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Let Them Eat Cake: Luxury Spend Is Up Among Next-Gens
Next-gens may fear economic uncertainty, but that’s not stopping them from making high ticket purchases. HighSnobiety reports that, by 2026, millennials and Gen Z will make up more than 60 percent of luxury spend. Chinese next-gens are leading the way. The average Chinese luxury consumer is a mere 28 years old –– that’s ten years younger than the global average. McKinsey reports that China’s luxury market will double by 2025, comprising a staggering 65 percent of global growth between 2018 and 2025. But here’s the biggie: 70 percent …
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A Tale of Two Generations
The young versus their older counterparts is a tale as old as time. But the balance is changing with a Boomer generation practicing wellness and experiencing longevity (the pandemic notwithstanding). So, who are the real market drivers today? Next-gens were the driving force before Covid. But now, as Gen Z and millennials race to find new career paths, mature consumers with money in the bank are undergoing a renaissance as a market power. Population Explosion Before millennials were born, their Boomer parents, had the largest population …
DIY Is Back in a Big Way, With a Few New Spins
Consumers are still trapped at home and they’re picking up some new hobbies. The DIY market is booming, and Euromonitor predicts that DIY sales will grow by 6.1 percent globally in the new year. However, when researching the category, one quickly notices an interesting discrepancy: there is no universally accepted definition of what constitutes DIY. I was amused to see Statista break DIY sales down into three sectors –– home centers, lumberyards and hardware stores –– when that’s obviously not the full extent of the vertical. How We Define …
2021 Forecast: Next Gens in a Brand-New World
Gen Z is in dire straits. They’re facing the second major economic recession of their lifetimes. They’re spending a year of their formative teens trapped at home. They’re staring down the barrel at climate change, so their future isn’t looking much brighter than their present. But these kids are nothing if not adaptable. Only Change Endures Next-gens born after 1997 grew up in a time of uncertainty. It took a toll on their mental health, but it also made them savvy, strategic consumers. Glossy marketing didn’t resonate with next gens even …