Change, it is said, is the only constant in life. That’s certainly been the case for the retail industry over the past year, the socially distanced transition to digital has meant that malls are largely empty, clothes fittings are now virtual and the vast majority of us are increasing our online spend. In fact, recent statistics indicate that almost 80% of all Americans will be buying online more frequently over the next 12 months, with two thirds of US shoppers also cutting down on trips to the mall.
It’s not just how we shop that’s changed though, the contents of our virtual shopping baskets are also undergoing dramatic shifts as our priorities have been altered by the effects of the coronavirus.
Our latest report on future shopping habits reveals that the next 12 months will be more difficult than ever for certain industries, with 49% of shoppers looking to tighten their belts and cut down on frivolous spending.
As they look to curtail their spending over the next year there are a few products that look like they’ll be gathering dust on the shelf, so without further ado here are the five things that nobody will be buying in 2021…
When was the last time you needed to wear a suit? Once a staple of the working wardrobe for many, over the past year it’s been left on the rack in favour of sweatpants and sweaters. Unfortunately things don’t look to be getting any better for the ol’ three piece with as little as 12% of consumers planning to buy one over the next 12 months. There’s no need to dress like Don Draper when you’re taking your zoom meetings from the couch.
With approximately half of the 22 million who lost their jobs due to the pandemic still out of work, it’s easy to see why a Kandinsky for the kitchen isn’t high on the priority list. As more than 100,000 community theaters, art galleries, music venues, performance spaces have already closed their doors, the average income of American artists has plunged to just $14,000 per year. 2021 looks to be a tough year for creatives with just 1 in 10 US shoppers planning to spend on Art.
We all miss it. Wearing your colours and flying your flag. The roar of the crowd, the chants, the songs, the anticipation, the thrills, the spills and the post match catch ups at the nearby restaurants and bars. Sadly, with each NFL team making their own call on whether to allow fans to attend the game, there’s a huge amount of uncertainty surrounding the return of a traditional game day. Only 15% of consumers will buy tickets for a sporting event over the next year, a far cry from the sold out stadiums of 2019.
The live music industry has been one of the hardest hit sectors since the coronavirus began, concert halls are empty, social distancing means capacity is dramatically reduced and a staggering 90% of independent venues in the US expect to close in the next few months if there is no additional aid. It looks like the vast majority of Americans are sceptical about their chances of seeing their favorite band anytime soon, a mere 12% plan on buying concert tickets over the next 12 months.
Coachella, Burning Man, The Governors Ball – for many Americans a festival is the highlight of the year, a chance to forget about the daily grind, travel halfway across the country and let loose with family, friends and fellow music lovers. However, with the majority of 2020 festivals cancelled or massively reduced in capacity, and no vaccine in sight, 2021 looks sure to follow suit. A massive 88% of US consumers have indicated that they won’t be buying festival passes next year.
For more statistics on what we will and won’t be buying over the next year, as well as insight into future shopping trends, check out our new study here.