The following diagram is taken from a Retailwire study (2009)
It is interesting - even though it is 3years old - to consider how things have played out since then.
- Are these factors more or less important today?
- Which of these apply to your business?
- What is missing?
I don't normally like to post items without offering an answer - there are enough questions in the world already - but in this case speculation is meaningless and only a follow-up study will reveal the answers.
But it is worth pondering for your own business if you are a retailer reading this...
From the same study, this diagram:
This is even more interesting, and this time we can speculate (with some adjustments for the local market).
- Do you agree with the relevant importance of these trends?
- How does it apply to Australia?
- How does it apply to your business?
One trend that is not getting enough attention is the ageing population. We seem to be fixated on digital lifestyles and the online boom - to the detriment of the opportunities offered up by some of these other trends.
It is still early in the new year - hopefully these thought starters will help you with your business planning.