What Consumers Will Buy | Retail Reborn Season 2

The Business of Fashion Podcast

The Business of Fashion

Fashion & Beauty, Business, Arts

4.6 • 770 Ratings

🗓️ 18 April 2022

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

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.

Brookfield Properties is building marketplaces of the future that meet the needs of the modern shopper. Discover more.

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Transcript

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0:00.0	Throughout this series, we've explored the evolving consumer of the future, from where they'll live,
0:09.7	work and shop, both in the real and virtual worlds, to their economic condition and prospects for the future,
0:17.3	as well as their relationship with technology and the changing nature of the physical retail stores
0:22.6	that will serve them. What we see developing is a picture of a consumer sitting at the intersection
0:28.1	of truly extraordinary societal, technological, economic, and demographic change.
0:37.3	I'm Doug Stevens, founder of retail profit, and in this second season of Retail Reborn,
0:43.4	the Business of Fashion's podcast series on the fast-changing retail industry presented by
0:48.2	Brookfield Properties, we're exploring the consumer of the future.
0:52.8	Who are they?
0:54.0	And how are their economic, technological,
0:56.4	and social reality shaping new behaviors and relationships with retail?
1:17.0	With all these questions in mind, I decided to circle back with one of our guests from Season 1 of Retail Reborn, Sheldon Solomon. Solomon is a professor of social psychology
1:23.2	at Skidmore College in upstate New York and a pioneer in studying the impact of existential crisis
1:29.3	on human behavior. He is co-author of multiple books, including The Worm at the Core on the
1:36.1	role of death in life, and in the wake of 9-11, the psychology of terror. Much of Solomon's work
1:43.8	has been based on theories posited by Ernest Becker,
1:47.1	a professor of anthropology and author of the 1974 Pulitzer Prize-winning book,
1:52.5	The Denial of Death,
1:54.1	in which Becker surmises that an outsized portion of human behavior
1:58.9	is governed by one thing alone, coping with our uniquely human
2:03.3	cognizance of our own mortality. For some people, those of us that are lucky enough to have had
2:10.1	lunch and slept in a bed last night, the pandemic may have been a great opportunity to metaphorically
	...

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