Consumer spending in America hit 14.1 trillion dollars during quarter three of 2018. How we spend plays a big role in how we save. If you want to accumulate wealth, looking at the freshest shopping trends will help you to understand how others save money by changing their own shopping habits. The hottest trends in shopping are purchases made via mobile devices, pop-up shops and automated subscriptions. These trends show that consumers are looking for deals that might be hard to find in other ways. Read on to find out how these shopping trends are changing the way that we grow wealth.
Do you shop on your mobile device?
Internet retail is growing faster than any other market segment. By the year 2020, Web-based expenditures are anticipated to climb to 523 billion dollars and this will represent a percentage increase of 9.23 per year. Many consumers are reaching for their mobile devices when it’s time to buy online. They are driven by convenience, as well as access to savings which allow them to stash more of their hard-earned cash. This consumer spending trend is making it hard for shopping malls, mom and pop stores and big box retailers to survive. Only a quarter of USA malls are expected to survive during the next several years, because consumers want the money-saving benefits of mobile shopping.
Are you a fan of pop-up shops?
Consumers who like to shop in their communities, rather than just on their phones, are often attracted to the pop-up shop trend. Pop-up shops are a new facet of retail marketing strategies. By adding pop-up shops to the mix, retailers showcase brand-new products and extend their brands. Pop-ups are so popular that they generate ten billion bucks in sales per year. Customers who spend at pop-up shops are looking for uniqueness, as well as attractive pricing. They also want fun experiences. Good pop-up shops offer superior value, which helps to save consumers money that they can sock away for the future, as well as exclusive products and great ambiance.
Automated subscriptions are very popular
Forbes.com reports that there is currently a subscription economy. Over half of subscriptions are of curated goods, so this points to increasing discernment on the part of consumers. They want something special for their subscription dollars. Other subscriptions are to digital services. While convenience is the number one reason why people opt for subscriptions, the number two reason is cash savings. Customers are looking for ways to save dollars. They want to spend less for the goods and services that they need and want.
Money-saving is a huge focus
Whether consumers are shopping on their smart phones, hitting local pop-up shops or buying subscription boxes or digital subscriptions, they are looking for superlative value that helps them to save more cash. Retailers are now catering to the needs of budget-conscious consumers. The long shadow of the recession changed spending habits and people haven’t forgotten that hard economic time. They are focused on spending less to save more.