Jeffrey Hutchison, The Huffington Post: The current financial crisis has ushered in a new retail era which spells the end of shopping as we have known it; everyone's value systems are being re-set. Even those consumers who can afford to shop are forgoing purchases for fear of being wasteful or appearing frivolous, concerned that it sends a message that they are insensitive to problems of the world. Providing a compelling environment for this new consumer poses an exciting challenge for retailers.
Consumers have become very sophisticated in their tastes over the course of the credit bubble build-up, and those expectations will not disappear any time soon. Shoppers still care about the perceptions they create based on what they purchase and right now what is appealing isn't the "latest and greatest," instead being drawn to longevity and quality. Critical at this juncture, all brands must communicate a lifestyle that is in keeping with the evolving value system of today.
