How the Aspirational Purchase Has Shifted [REPORT]

The aspirational purchase – buying an item because it evokes a sense of financial achievement beyond what is realistic – drove much of the retail world in recent years. Designers led the market, particularly in apparel, and consumers followed.

Those days are over.

Consumer born trends lead the market now. And retailers, manufacturers, and designers scramble to keep up. Once it was common for consumers to spend heavily in order to appear affluent, but now even the truly affluent shop in dollar stores. And once everyone wanted to look comfortable, if not actually rich – now consumers want to feel comfortable.

Responsible spending is in. Credit is out. Consumers aren’t interested in looking or acting like someone else; they want to look and act like the most authentic (and Instagram-friendly) version of themselves.

In this white paper, we’ll look at what the data shows about the key considerations for retailers and manufacturers in the U.S. looking to thrive in post-aspirational retail. Chief among these are:

•     Consumers are prioritizing purchases.
•     Millennials aren’t aspirational. They’re frugal, except in a handful of categories.
•     Boomers, who have more discretionary income than any other demographic group, aren’t spending in the same categories they did a few years ago.
•     Signature items are where consumers are putting their money and effort. Shoppers invest time in researching and choosing items that serve as the focal point of how they want to be seen.
•     The home, the street, and social media (and not the runway) are where these new trends come to life.

to download report CLICK HERE.