Consumers Looking to Spend on Experiences More Than Products in 2017, Says NPD
The consumer is changing, “demanding something different, and retail must answer this call in 2017 or accept the loss,” said NPD analyst Marshal Cohen in a blog post. Consumers don’t want to acquire more stuff; they want to "do more…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
stuff," and over the year they’ll be aggressive about spending on experiences “at the expense of product,” Cohen said. To compete with spending on travel, adventure and spa visits, manufacturers will need to come up with products that excite consumers, and retailers will have to step up the in-store shopping experience, he said. Cohen called the idea of an omnichannel retail approach “dead,” saying retailers need to be more focused and personal as they create a sense of connection with consumers. The “Made in the USA” movement, in the background of retail product marketing, will take a “significant step forward” in consumer responsiveness and become part of the “marketing DNA” of a product, said Cohen. He stopped short of saying USA-made products will be the new sales leaders, but predicted companies with domestic production will “shout it from the rooftops and consumers will be listening.” Price wars aren’t going away “anytime soon,” said Cohen: Consumers will be looking for convenience, ease and timeliness when shopping, but price will dominate the purchase decision as “deals and sales are going to be a prominent retail player in 2017.”