Tag Archives: trends

Why Buy Clothes? Rent Them Instead!

Do you have a tough time keeping up the latest fashions? Or, an even tougher time paying for the new designer clothes you covet? Despair no more. Instead of buying, try renting your clothes!

Renting clothes is a new way to spruce up wardrobes without breaking the bank. While there are a number of subscription-based services such as Rent the Runway, traditional retailers are also entering the new market, including options to rent clothes from Bloomingdales’, Banana Republic, Urban Outfitters, and more. Consumers are not limited to just renting clothing – some retailers rent shoes, jewelry, and handbags, too. And, lest you think this is just for women, a number of companies rent clothing and accessories to men as well.

The clothing rental industry, while still relatively new, is also quite large and still growing. According to research firm GlobalData, the clothing rental industry is roughly $1 billion today, and is projected to grow to $2.5 billion by 2023. Not too shabby (chic).

The sharing economy industry is still establishing itself for consumers who are not interested in owning, but still want access to new brands and services. After all, consumers already rent apartments, homes, cars, bikes, and furniture. Now we can add clothing to the list.

What will you wear?

Group Activities and Discussion Questions:

  1. Discuss the sharing economy. What is it; what drives it; what should we watch?
  2. Show a video overview of clothing rental: https://youtu.be/7OKLqBZoOYY

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Brands People Trust

Think about all the brands that we buy and surround us on a daily basis. Some of these brands are great, and some are not-so-great. Perhaps the quality isn’t consistent, or the value is not sufficient, or there has been corruption. But perhaps the most important factor is the level of trust consumers have in a brand. Americans on the whole have lost trust in companies and government. Generally, younger consumers are quite skeptical of corporations and believe brands should hold to a high ethical standard. This can present a significant problem for marketers. Think about it –  which brands do you think are reliable? Which brands do you trust?

Morning Consult, a global data intelligence company, recently released a report on “The Most Trusted Brands of 2020” which researched consumer opinion about 2,000 brands. The report was based on 16,700 interviews for each of these brands and judged brand trust by various generations.  A sample of U.S. adults were asked “how much do you trust each brand to do what is right?” The options were “a lot,” “some,” “not much,” “not at all,” and “don’t know.” The brands ranking were determined by how many participants selected “a lot.”

The most trusted brands include technology and consumer products companies (CPG). The top choice for most trusted brand was the U.S. Postal Service, followed by Amazon at second, and Google at third place. Nearly half of the top 25 spots are CPG brands, including Hershey’s, Cheerios, M&M’s, and more. When ranked by generation, younger generations preferred Google and Amazon, while USPS ranked number one with Gen X and Baby Boomers.

Which brands do you trust to do what is right?

Group Activities and Discussion Questions:

  1. Discuss the importance of branding and trust with students. Why is trust important?
  2. How can companies gain, or lose, the trust of consumers?
  3. Poll students: What are their most trusted brands/products?
  4. View the report at https://morningconsult.com/most-trusted-brands/
  5. Divide students into teams. Have each team chose a brand that ranks high on the list. What should the brands do to retain trust?
  6. Also have teams examine brands that rank low on the list. What should those brands do to build consumer trust?

Source:  Ad Week; Morning Consult

 

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Interested in the Future? Check out CES.

The Consumer Electronics Show (CES) is one of the largest and most influential showcases in the United States for introducing innovative products from around the globe. At this year’s show in Las Vegas, CES included more than 20,000 new products from 4,400 companies. A diverse group of companies included manufacturing, transportation, entertainment, robotics, automotive, consumer goods, and more. (The show is produced by the Consumer Technology Association which represents the $401 billion U.S. consumer technology industry.)

CES was held in January and hosted 175 thousand attendees who viewed products from 4,400 different exhibitors in categories such as 3D printing, gaming, robotics, sports, drones, fitness, health and wellness, retailing, wearables, and a variety of other product groupings. CES regularly announces thousands of new products, including many that we all know and use today.

This year’s show provided looks at products in the marketplace as well as products-yet-to-be-launched in categories including:

  • Artificial intelligence
  • 5G and mobile connectivity
  • Food and CPG companies
  • Health care technology
  • Smart cities
  • Home sensors and technology
  • Travel and tourism
  • Transportation and vehicle technology
  • And lots of robots!

It’s hard to pick a favorite product from the show. What’s your favorite innovation from CES?

Group Activities and Discussion Questions:

  1. Discuss the purpose of CES show and how innovation fits into it.
  2. Also discuss the use of trade shows and exhibits as part of a marketing plan.
  3. Show a summary video about CES from the Wall Street Journal: https://graphics.wsj.com/image-grid/ces-2020/?mod=djem10point
  4. Additional summary videos can be found on YouTube: https://youtu.be/YvRP_Y1WDxw
  5. View the CES Web site: https://www.ces.tech/
  6. Divide students into teams. Have each team select a product featured at CES.
  7. Instruct students to research the products online, and define a target market for the product.
  8. Which ones do they think will be winners in the marketplace?

Source:  C/NET; TechRadar.com; Wall Street Journal; other news sources

 

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