The challenges 2020 posed to retailers across the globe are well documented. Retailers around the world were beset by numerous challenges including:
- Inventory shortages/ surpluses due to changing consumer demands/ regulations;
- distressed suppliers;
- challenging logistics;
- covid-19 related store closures, by law or due to employee health issues; and
- extra costs to keep health standards to the highest; and
- a huge shift to online shopping across the sector.
Add to this a complete shake up of year end peak shopping periods, 2020 was the most disruptive period in years for retailers.
Despite the difficulties & disruptions, some sales channels remained open most of the time and agile retailers were keen to use them. Their stunning performance in 2020 is a reminder that beyond 'how' people buy, it's also worth considering 'what' they want to buy as well.
Social media is throwing up some interesting insights in this respect and, from Pinterest's annual marketing predictions (which has proven oddly prescient in recent years) it appears consumers' appetites are changing.
Looking through the top 10 trends this year clear themes are emerging. Consumers are embracing simplicity, comfort, sustainability and wellbeing. Retailers and brands that can appeal to these drivers and deliver in frictionless and safe ways may well prosper during 2021 and beyond.
Pinterest's top 10 trends in 2021:
- Wellbeing: Alternative healing and beauty sleep
- Travel: Outdoor exploration and cars as “third space”
- Food: Keeping up that quarantine creativity
- Home: Double duty spaces and Japandi décor
- Fashion: Loungewear, but make it fashion
- Beauty: Skinimalism and statement colors
- Parenting: Mindful education and sustainable learning
- Finance: DIY Entrepreneurship
- Celebrations: Reinventing festivities
- Hobbies: Hands on activities and digital decor
Further details can also be found on the pinterest-assets website at https://www.pinterest-assets.com/m/5fb1f1731fa52f72/original/Pinterest-Predicts-Report.pdf