How Trauma Transforms Consumer Psyche | Retail Reborn Episode 1
The Business of Fashion Podcast
The Business of Fashion
4.6 • 770 Ratings
🗓️ 15 September 2020
⏱️ 27 minutes
🧾️ Download transcript
Summary
In Episode 1 of The Business of Fashion’s new podcast series, presented by Brookfield Properties, Doug Stephens and social psychologist Sheldon Solomon PhD. examine the impact of collective trauma on consumer behaviour, as Covid-19 sees consumers grapple with mortality.
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Transcript
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| 0:00.0 | In this new series on the reinvention of the retail industry, presented by Brookfield |
| 0:06.1 | Properties in partnership with the Business of Fashion and myself, Doug Stevens, we'll |
| 0:11.0 | investigate the remarkable challenges and opportunities for retailers created by the increasing |
| 0:16.9 | number of Black Swan events in an age of growing uncertainty. |
| 0:21.6 | Investigating shifting consumer behaviors and innovative on and offline retail strategies, |
| 0:26.6 | this series will conclude by positing what a reimagined retail system could look like, |
| 0:32.6 | and the values it will be built on. |
| 0:35.6 | First up, in our six-part series, |
| 0:38.6 | we look at how the unprecedented events |
| 0:40.7 | that took place in the first half of 2020, |
| 0:43.4 | which have already transformed retail, |
| 0:45.7 | are also in the process of transforming the psyche |
| 0:48.6 | of the consumers who drive the industry. |
| 0:53.5 | Marketing is many things. |
| 0:55.6 | It's part design, part psychology, and part math. |
| 0:59.9 | But above all, marketing is the art of persuasion. |
| 1:04.1 | The ability to deliver a finely honed message to just the right consumer at just the right |
| 1:09.5 | time to trigger a need or desire, and, like a |
| 1:13.3 | clarion call, draw consumers to your door. Under normal circumstances, this isn't easy. With the |
| 1:20.6 | COVID-19 pandemic unrelenting in its impact, these are hardly normal circumstances. So what can psychology and history tell us about how the customer will react? |
| 1:33.4 | It's no exaggeration to say that the COVID-19 pandemic may indeed be the most sustained |
| 1:39.4 | and life-altering event most of us will ever experience. Add to this the levels of social unrest and |
... |
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