Trending for Chain Stores in 2011
Management consulting firm Booz & Co. recently shared four key consumer trends they believe will help retailers leverage growth in 2011 and beyond, writes Chain Store Age’s Marianne Wilson. Here are the trends in no particular order:
1. “Frugality with a twist”: While frugal spending habits linger, this lingering might possibly become a long-term reality. There are, however, opportunities for companies to grow as long as they can capitalize on the demand for products and services that strike a balance with emotional appeal and functionality._
2. “An aging and health-conscious population”: This trend could have the most far-reaching implications, because maturing consumers are increasingly demanding goods that promote health and well being. Companies need to harness scientific research in the development of products for this group of aging consumers.
3. “Fragmented media, digital consumers”: Traditional television and print advertising are no longer the best routes for marketers to promote a company’s brand. Retailers need a marketing function that can reach consumers in the right way and at the right time at home, on the go or in the store.
4. “Big emerging markets”: In China, GDP growth in 2011 is expected to slow to 8.7 percent, compared with 2.9 percent in the States, according to the World Bank. Capturing this value depends on a company’s ability to navigate some complex challenges, including strong competition from already-established multinationals and from local companies.