The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
Three years on from the collapse of Lehman Brothers, with 2011 seeing the global economy lurch from crisis to crisis and with unemployment and underemployment remaining a problem, consumers are continuing to embrace thrift but in increasingly creative ways.
Creative thrift embraces many forms including collaborative consumption, bargain-hunting as a way of life, buying second-hand and selling on, and the “battle” between mall culture and traditional shopping.
It’s worth noting that value does not simply equate to cheaper prices but rather it translates as striking a balance between quality and cost.
Looking ahead, for consumers worldwide, thriftier lifestyles and considered purchasing, even when buying luxury, will continue to be the norm. The consumer quest for value will extend beyond products to services – with greater interest in value tourism, fitness & wellness for example. Value isn’t king all of the time however, it must compete (or in a perfect world combine) with alternative priorities such as convenience, sustainability and experience.
A few examples of how the trend is playing out: