Opinion: Retailers must embrace the experience economy lifeline

Richard Hurd Wood

The retail sector hasn’t exactly entered the decade on a high.

News that sales decreased by 0.1% last year has left retailers feeling rather gloomy about their prospects, and criticism is being levelled at the industry’s slow response to shifting consumer preferences.

Consumers are hungry for experiences, not things. They want to feel fulfilled by their purchases, and simply buying and owning stuff is not cutting it anymore. The science behind it is simple – regardless of economic uncertainty, we can find happiness and status in experiences. Especially those that align with our values and interests.

And issues relating to fast fashion and throwaway gifts aren’t always taking priority for businesses. We’re living in the era of the eco-conscious consumer, yet retailers are struggling to keep pace with heightening consumer demand for more sustainable products.

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